The Supreme Court has given the
Reserve Bank of India (RBI) two weeks to amend its regulation to lift the cap on foreign direct investment (FDI) in retail and aviation sectors under its policy permitting and
regulating foreign investment in the country.
The apex court bench of Justice R.M. Lodha and Justice Anil R. Dave gave the central bank two weeks' time after Attorney General G.E. Vahanvati told the court that the apex bank has already set into motion the process of amending its regulation on permitting FDI in the said sectors.
The court also took note of the submission by Vahanvati that RBI has already issued a circular in
pursuance of the government decision to permit FDI in new areas.
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