“The Foreign Exchange Management Act (FEMA) clearly lays down that any amendment to its regulations has to be approved by both Houses of Parliament separately. The Act also states that this approval can be done within 30 days after tabling of the amendments ….This is legally mandated” CPM politburo member Sitaram Yechury said.
Though discussion on FDI in multi-brand retail and the RBI's amendments to FEMA to allow foreign investment in the sector can be held simultaneously, voting on the two matters have to be done separately, Yechury repeated.
Any move to club voting on the two matters would "not
only be highly irregular but also contrary to the law," Yechury said.
“Government or parliamentary affairs minister cannot take away a member's right to bring an amendment to during the FEMA discussions,” CPI leader Gurudas Dasgupta said.
The senior CPI(M) leader also said his party would not only move amendments to the RBI amendments to FEMA, but could also seek the annulment of the notification allowing FDI in multi-brand retail.
"There are so many options", Yechury said. The government is yet to table the RBI amendments in the Upper House, but has done so in Lok Sabha.