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FEMA amendments on FDI in retail tabled in Rajya Sabha

Source : IANS
Last Updated: Thu, Dec 13, 2012 09:00 hrs

New Delhi, Dec 13 (IANS) The government Thursday tabled in the Rajya Sabha amendments to the Foreign Exchange Management Act, 1999, enabling Foreign Direct Investment in multi-brand retail.

A list of amendments made by the Reserve Bank of India to the FEMA laws was tabled in the upper house, more than 10 days after being tabled in the Lok Sabha Nov 30.

Under the rules, members from the upper house now have 30 working days of parliament to file amendments in the notification.

Opposition members, however, sought clarification from the chair if the time for tabling amendments in the upper house will be calculated starting Thursday, or from Nov 30.

Lok Sabha members have time for one month, starting Nov 30, to move amendments to the act.

"According to law, members have 30 days to move amendments. Will our time be starting from today (Thursday)," asked Communist Party of India (Marxist) leader Sitaram Yechury.

To this, deputy chairman P.J. Kurien said the upper house was independent of the other house, and proceedings will be as per law.

Opposition members are expected to move amendments for annulment of government's changes to FEMA, which allow 51 percent FDI in multi-brand retail.

Similar amendments in the Lok Sabha by a Trinamool Congress member were, however, rejected in voting that followed a debate on retail FDI.

Other Lok Sabha members, however, still have time to move more amendments to the act.

The government had earlier argued that passage of the notification in one of the two houses was sufficient.




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