CPI(M) to use all options to thwart FDI in retail: Sitaram Yechury
Communist Party of India (Marxist) leader Sitaram Yechury said on Thursday that his party would use "all options" available to it under parliament's Rules of Business to prevent the government from implementing foreign direct investment (FDI) in retail.
Welcoming the decision to hold a debate on the issue in both Houses of Parliament under rules entailing voting, Yechury said: "We will utilise all available options under the Rules of Business to ensure that this (decision on FDI in retail) is not implemented... We'll use all procedures to stall it."
Referring to the recent RBI amendments in FEMA to allow FDI in multi-brand retail, Yechury said these would have to be voted within a time-frame as laid down in the Foreign Exchange Management (FEMA) Act itself.
"So, due to its obduracy, the government has agreed to have a vote on the issue twice" -- once when the FDI issue comes up for vote after a debate and the second time after the RBI amendments are tabled in Parliament to amend FEMA to allow FDI in retail.
Yechury further said that four days of the winter session of Parliament would not have been wasted had the government agreed to the Opposition demand for voting on the issue on the first day itself.
Regarding the tabling of RBI's FEMA amendments, he said Sections 47 and 48 of FEMA say that once these amendments are made, they have to be placed before both the Houses as soon as possible.
While the amendments to FEMA would have to be tabled in this session, they would have to be taken up in the next (Budget) session next year, he said.
Maintaining that the government "cannot escape" from bringing these amendments to vote, he said "once tabled, any member of either House can move amendments to the RBI amendment and even move for the annulment of the RBI amendment within 30 days.
"Any such amendments would have to be considered by the House and decided upon. This can happen only through a vote."