NEW DELHI: The Supreme Court has said that the UPA govt did not follow the proper legal route while allowing 100% FDI in retail trade.The Supreme Court, however, refused to stay the Centre's decision to allow foreign direct investment (FDI) in retail sector.
A bench of justices R M Lodha and A R Dave, said that the policy suffers from "curable" irregularity of want of legal sanction and asked the RBI to amend the Foreign Exchange Management Act (FEMA) regulations to allow implementation of the government's policy.
The bench said the RBI should have amended the FEMA regulations before the implementation of FDI policy and asked the banking regulator to take steps to remove the lacunae in the way of giving a final shape to the policy.
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