The government has tabled amendments to the Foreign Exchange Management Act in the Lok Sabha, required to allow foreign direct investment in multi-brand retail trade. Five amendments to regulations issued by the Reserve Bank of India between May and October were tabled by minister of state for finance Namo Narain Meena during zero hour. The amendments seek to provide for 51% foreign investment in multi-brand retail, 100% FDI in single-brand retail and investment by foreign airlines in domestic carriers. RBI had notified the amendments after a directive from Supreme Court in October. The apexBSE 0.00 % court had admitted a PIL that accused the government of not following proper procedure in introducing the new FDI policy.
Source : Economic Times
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