The Supreme Court on Monday refused to stay the Centre's FDI policy in retail sector. The Apex Court asked RBI to amend FEMA regulations within two weeks to allow implementation of FDI in this sector.

Government said RBI has issued the circular regarding FDI in multi-brand retail. After hearing the petitioner, Court was of the view that that circular is alright but amendment in FEMA regulations is necessary.

Government informed the court that the process is on and RBI will expedite the process. The petitioner maintained that parliamentary approval will still be needed after FEMA regulation amendments by RBI.

However, the government maintained that under FEMA, RBI has been given the power to amend the regulations and it does not require voting in parliament.

The Apex Court refused to entertain the law point deferring the hearing till 5th of next month.