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2012 Supreme(SC) 2605
SUPREME COURT OF INDIA
R.M. Lodha, Anil R. Dave, JJ.
Manohar Lal Sharma - Petitioner
Versus
Union of India Thr. Secretary & Anr. - Respondents
W.P. (C) No. 417 of 2012
Decided On : 15-10-2012
For the Petitioner:Manohar Lal Sharma, Advocate.
For the Respondents:Goolam E. Vahanvati, Attorney General Sidharth Luthra, A.S.G., B. Krishna Prasad, Sushma Suri, A. Prasad, Supriya Junja, Advocates.
Acknowledgment of ongoing process for necessary amendments to the Regulations, 2000 by the Reserve Bank of India influenced the court's decision.
Headnote:
Foreign Direct Investment - Review of FDI Policy by Reserve Bank of India
Fact of the Case:
The court heard submissions regarding a circular issued by the Reserve Bank of India regarding the review of the policy of Foreign Direct Investment (FDI) in various sectors.
Finding of the Court:
The court acknowledged the circular and the ongoing process for necessary amendments to the Foreign Exchange Management Regulations, 2000 by the Reserve Bank of India.
Issues: The issue before the court was the review of the FDI policy and the impending amendments to the Regulations, 2000.
Ratio Decidendi: The court's decision was influenced by the acknowledgment of the ongoing process for necessary amendments to the Regulations, 2000 by the Reserve Bank of India.
Final Decision: The Writ Petition was listed for consideration on November 5, 2012.
ORDER :
1. We have heard Mr. Manohar Lal Sharma, petitioner-in-person, and Mr. Goolam E. Vahanvati, learned Attorney General for India.
2. Mr. Goolam E. Vahanvati placed before us a copy of circular dated September 21, 2012 issued by the Reserve Bank of India, Foreign Exchange Department to all Category-I Authorised Dealer Banks bringing to their notice the copy of Press Note Nos. 4, 5, 6, 7 and 8 (2012 Series) whereby the policy of Foreign Direct Investment (FDI) in Single-Brand Product Retail Trading, Multi-Brand Retail Trading, Air Transport Services, Broadcasting Carriage Services and Power Exchanges has been reviewed. The above circular mentions in para 5 that necessary amendments to Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 (for short, 'Regulations, 2000') are being notified separately.
3. Mr. Goolam E. Vahanvati submits that the process for necessary amendments to Regulations, 2000 by the Reserve Bank of India is on and in all probability within two weeks necessary amendments in Regulations, 2000 shall be made.
4. Having regard to the above, let this Writ Petition be listed for consideration on November 5, 2012.
