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2012 DIGILAW 972 (SC)

Manohar Lal Sharma v. Union of India Thr. Secretary

2012-10-15

ANIL R.DAVE, R.M.LODHA

body2012
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.