SC refuses to stay FDI in retail, asks RBI to amend regulation

October 15, 2012 17:18

The Supreme Court today refused to stay the FDI in retail sector, but said the government policy suffers from lack of legal sanction which could be cured by amending the regulations in the Foreign Exchange Management Act by the RBI.

A bench of justices R M Lodha and A R Dave, said the policy suffers from "curable" irregularity as the RBI has not amended the Foreign Exchange Management Act (FEMA) regulations which should have been done before the Centre issued its notification. It allowed the Centre two weeks time to get the regulation amended by the RBI saying it is a legal requirement before implementing the policy.

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