Supreme Court (SC) upholds the validity of RBI's guidelines ban on export of PPE kits
-upholds-the-validity-of-RBI's-guidelines-ban-on-export-of-PPE-kits_large.jpg)
06 December 2021, Mumbai:
In a significant verdict, the Supreme Court Monday upheld the validity of certain Guidelines on Merchanting Trade Transactions (MTT) of RBI denying letter of credit for exporting PPE kits during COVID-19 pandemic, saying democratic interests which secure the welfare of masses cannot be "judicially aborted" to preserve "unfettered freedom" to do business of the few.
The bench of Justices Chandrachud, Justice Vikram Nath, and Justice BV Nagarathna dismissed the appeal of a director of a firm that trades in pharmaceuticals that his company was prohibited from acting as an intermediary by importing PPE kits from China to export them to the US.
It was alleged that trade restrictions of the RBI amounted to a violation of the fundamental right to freedom to trade and business guaranteed under Article 19(1)(g) of the Constitution.
Dismissing the plea, the verdict said, "This Court must be circumspect that the rights and freedoms guaranteed under the Constitution do not become a weapon in the arsenal of private businesses to disable regulation enacted in the public interest.
ET (The news article has not been edited by DFU Publications staff)
Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.
DAILY NEWS:
- Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul
- Consumers will determine growth of sustainable fashion e-comm in India
- Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'
- Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22
- Nike strengthens retail presences with new store at DLF Mall of India,Noida
