SC refuses to interfere with FDI in retail policy

PRESS TRUST OF INDIA

New Delhi, Nov 5: The Supreme Court today refused to interfere with the policy on FDI in retail saying that if it does not stand in Parliament then it would be at government's peril.
 A bench of justices R M Lodha and A R Dave said that the policy making is the "sole prerogative of the executive" and refused to direct the government to place it in the Parliament saying that the Centre might do it on its own in the coming winter session.
 It said that apprehension that the Centre would not place it before the Parliament is "unfounded" and posted the matter for hearing on January 22 after winter session of the Parliament.
 "You (petitioner challenging FDI policy) are assuming that it won't be placed before the Parliament. Your assumption is ill-founded.
 We would know about it only after the winter session of the Parliament... Lets see whether it is placed before the Parliament or not and then we will see," the bench said.
 "They are at their own peril. They can take risk. If their action action does not stand in Parliament then they made policy at their own peril," the bench observed when the petitioner contended that the apex court should intervene in the case as a Parliamentary committee has also given opinion against FDI in retail sector.
 Section 48 of The Foreign Exchange Management Act, 1999 says that every rule and regulation made under this Act in order to allow FDI shall be laid before each House of Parliament.
 The bench said that the Executive has right to frame policy and it had been "mandated" to rule the country but it has to listen to the Parliament which it is accountable to.
 "Policy formulation is the sole prerogative of the executive. Parliamentary committee may advise as philosopher and guide. But what is good is to be decided by the executive. Executive must listen to the Parliament as it is accountable to the Parliament," the bench said. 

Lastupdate on : Mon, 5 Nov 2012 21:30:00 Makkah time
Lastupdate on : Mon, 5 Nov 2012 18:30:00 GMT
Lastupdate on : Tue, 6 Nov 2012 00:00:00 IST




  • del.icio.us
  • StumbleUpon
  • Digg
  • TwitThis
  • Mixx
  • Technorati
  • Facebook
  • NewsVine
  • Reddit
  • Google
  • LinkedIn
  • YahooMyWeb
  • Print News

Enter the Security code exactly as you see it in the image security code is CaSe SeNsItIvE(Cookies must be enabled)
  • MORE FROM BUSINESS

  • Kashmir

SHRC recommends action against SHO Nowpachi

YOUTH’S KILLING IN 2006

GK NEWS NETWORK

Srinagar, Nov 5: Jammu and Kashmir State Human Rights Commission (SHRC) has recommended departmental enquiry against Station House Officer of Police Station Nowpachi Marwah in Doda district for showing More



  • Srinagar City

HIGH COURT DISMISSES HAJEEJ PETITION

D A RASHID

Srinagar, Nov 5: Jammu and Kashmir High Court Monday dismissed as withdrawn the petition of Fabian Wahid of Hajeej India Hospitality Pvt Ltd seeking quashment of trial court order directing to arrest the More




  • Jammu

Tributes to Jammu martyrs

NOVEMBER 6, 1947 RIOTS

Srinagar, Nov 5: Various parties have paid glowing tributes to the November 6, 1947 martyrs of Jammu, terming it as the blackest day in the history of Jammu Kashmir.  Paying rich tributes to the Jammu More



  • PaK

Salah-ud-Din asks people to remember Jammu martyrs

TARIQ NAQASH

Muzaffarabad, Nov 5: United Jihad Council (UJC) chairman and Hizbul Mujahideen chief Syed Salah-ud-Din has called upon the people of Jammu and Kashmir to “remember and respect sacrifices rendered by martyrs More



  • Pulwama

PULWAMA REELS UNDER DARKNESS

Repair of main transformer faces inordinate delay

People suffer, PDD in slumber

Pulwama: Residents of Pulwama are up in arms against the Power Development Department (PDD) for plunging the district into darkness They said with the onset of winter the PDD authorities have resorted More



ADD
Designed Developed and Maintaned By Imobisoft Ltd /Algosol Software Solutions