RBI amendments in FEMA to allow FDI in multi-brand retail may spell more trouble for UPA
PrintListen to this Article
Government may face fresh trouble in Parliament over the recent RBI amendments in FEMA to allow FDI in multi-brand retail, with CPI(M) today saying these have to be voted within a time-frame as laid down in law.
The statement by senior CPI(M) leader Sitaram Yechury came on the fourth day of disruption of Parliament over the FDI issue as he blamed UPA government for the impasse saying it was not willing to have a vote on the FDI issue.
Citing the Foreign Exchange Management (FEMA) Act, he said the amendments carried out to permit FDI in retail has to be tabled in Parliament for voting.
While the Reserve Bank of India notified the amendments on October 30, "Section 48 of the FEMA Act says once these amendments are made, they have to be placed before both the Houses of the Parliament as soon as possible.
"The convention is that they should be placed before the 15th sitting of the first session after the amendments are made. That means by December 13," Yechury told reporters.
Once the amendments are tabled, they have to be disposed of through voting within 30 days. "Government cannot escape from bringing an amendment. We do not know why is it not agreeing to it (voting)," he said.
"So vote on this issue is inevitable. This is the recourse we will legally take as law makers," he said.
Yechury referred to a recent Supreme Court observation on a PIL that the amendments cannot be effected unless relevant sections of the FEMA Act are amended by Parliament. The petitioner had challenged the government's FDI policy and charged it with not following the due process of law. (PTI)
Category : International Business | Comments : 0 | Hits : 322
Chartered accountants from the UK and Canada might be allowed to practice in India on a reciprocal basis, with the apex body ICAI making the proposal to the Government. ICAI President Ranjeet Kumar Agarwal, on February 21, said the proposal will be implemented strictly on the reciprocal basis that chartered accountants (CAs) from India will also be allowed to practice in the United Kingdom and Canada. It will be the first time that overseas CAs will be allowed to practice in India. The pro...
The tax department is considering a proposal under which credit card holders will have to file a declaration with the issuer entity within a stipulated time, specifying the nature of expenses incurred in foreign currency for the purpose of TCS levy, sources said. The I-T department is in talks with the RBI and other stakeholders to firm up a mechanism for distinguishing whether the expense is towards medical/education which attract a 5 per cent TCS or for other purposes on which a 20 per cent...
Concerns have been raised about the applicability of Tax Collection at Source (TCS) to small transactions under the Liberalized Remittance Scheme (LRS) from July 1, 2023. To avoid any procedural ambiguity, it has been decided that any payments by an individual using their international Debit or Credit cards upto Rs 7 lakh per financial year will be excluded from the LRS limits and hence, will not attract any TCS. Existing beneficial TCS treatment for education and health payments will also co...
The ministry on May 16 notified the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023, to include international credit card payments in the LRS. Any remittance beyond USD 2.5 lakh or its equivalent in foreign currency would require approval from the RBI. Earlier, the usage of international credit cards (ICCs) for making payments for fulfilling expenses during travel outside India was not included in the LRS limit. According to the notification, the Finance ...
Canada’s immigration minister Sean Fraser has announced Express Entry invitations to FSWP and CEC candidates will resume by “early July 2022” The vast majority of new Express Entry applications will be processed within the six-month service standard. According to IRCC, current Express Entry processing times range from seven months to in excess of 20 months. Summary of Canada's Immigration Levels Plan Each year, the federal department of Immigration, Refugees ...
Comments