A TRADERS’ association that has consistently opposed foreign direct investment in multi-brand retail is the Confederation of All India Traders (CAIT). Praveen Khandelwal, secretary general of the CAIT, was the first person to highlight the fact that one of the prerequisites to the entry of FDI in retail trade precluded the amendment of the rules and regulations of the Foreign Exchange Management Act (FEMA) through the Reserve Bank of India (RBI). The amendment was proposed by the RBI after it was pointed out by him. He had also pointed out that any proposal to amend the rules of FEMA would have to be ratified, annulled or further amended only by both Houses of Parliament. It is this issue which came up for discussion in the ongoing session of Parliament and which now has been delinked from the discussion on FDI. Khandelwal has also been relentlessly trying to convince political parties about the pitfalls of FDI in the retail sector...........
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