The Government has said it only needs the Lok Sabha’s approval for passing the FEMA (Foreign Exchange Management Act) amendment in order to pass FDI in multi- brand retail. However, the Opposition, especially the CPI(M) disagrees.
Parliamentary Affairs Minister Kamal Nath told Network 18 over the weekend that the UPA was confident of clearing the vote and that only one house needed to pass the FEMA changes necessary for FDI in retail. CPI(M)'s General Secretary, Prakash Karat refuted that claim today saying Forex act amendments to enable retail FDI must be passed by both houses of Parliament and not just the Lok Sabha.
Prakash Karat said, “No-confidence was a bad idea because Government would have defeated the no-confidence motion and sought the project that has got endorsement for all its policies. Now if one policy is specifically meeting with widespread opposition I am confident that all parties that have taken a stand against FDI in retail will vote against it. According to the rules, I think the amendments for the regulation and the FEMA will have to be put in both houses of Parliament and the members in either of these houses have a right to move amendments for a vote."
Watch video for more.
ADS BY GOOGLE
video of the day
Govt wont act on SIT recos, to consult Sebi, RBI: Rev Secy