Secretary General of the Confederation of All India Traders (CAIT), Praveen Khandelwal has said that the FDI notification can be valid and effective only if the amendments made by Reserve Bank of India in rules and regulations of Foreign Exchange Management Act, 1999(FEMA) are approved by "each house" of the Parliament which is an inherited provision in Section 48 of the FEMA Act. He has said that the said provision is explicit and do not have ambiguity or discretion.
Khandelwal stated that the Goverment is terming it merely as an executive order, which does not need approval of the Parliament, is factually a distortion of facts.
Looking at the dubious role of the Government on this issue, the CAIT in a communication sent today to Parilamentary Party Leaders of all political parties has drawn their attention to the provision of Section 48 under which such amendments must be passed within 30 days from the date of its introduction in the Parliament.
As per parliamentary procedure any such amendment will go to Committee on Subordinate legislation of each house which will scrutinise the same and will submit its report to Presiding Officer of their respective house and then house will decide the issue.
Questioning the intent of the Government to engage in some sort of delaying tactics to get the time period of 30 days over without placing the issue before each house of Parliament , the CAIT has advised different party leaders to give due & needed concentration on the movement of the said amendment in order to esnure that within stipulated period, the amendments must be discussed in each house of the Parliament.
|
|
Comments:
