SC deep freezes anti-retail FDI petition

Nov 05 2012, 19:15 IST
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SC deep freezes anti-retail FDI petition. (PTI) SC deep freezes anti-retail FDI petition. (PTI)
SummarySC gave PM Manmohan Singh a boost, but put it on notice to pass the Parliament test.

implementation of the government's policy and it has also been notified.

The lawyer also challenged the constitutional validity of the provision under which companies would be allowed to operate in the country despite not getting approval of the Parliament.

The bench said that it will hear his contentions and the Attorney General on this aspect if it was necessary and adjourned the case.

On the last hearing on October 15 the had refused to stay the Centre's decision to allow FDI in retail sector saying that the policy suffers from "curable" irregularity of want of legal sanction and asked the RBI to amend the FEMA regulations to allow implementation of the government's policy.

Sharma has said in his petition that that retail trading is strictly prohibited under the law of FEMA under which the power to come out with a circular is vested with the RBI which has not issued any regulation after 2008.

He has alleged in his PIL that the Centre's notification was issued without the authority of law as approval of neither the President nor the Parliament was secured.

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