........ the Supreme Court has suggested to regularise the position by requesting the Reserve Bank of India (RBI) to amend the Foreign Exchange Management Act (Fema). This was all the apex court could do to salvage the situation for a government that is already in the dock. UPA-II’s fire-fighting team should take the message of the Supreme Court ruling, that is, to follow the rules of the game in what it wants to do. The court must have been sadly aware that it might be odd to ask RBI to amend regulations in the Fema to regularise an executive decision of the government — which should have been issued after consultation with RBI...........
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