- (1.) Mr. Goolam E. Vahanvati, learned Attorney General, at the outset, placed before us a copy of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Third Amendment) Regulations, 2012 (for short, 'Third Amendment Regulations') published in the Gazette of India-Extraordinary on October 30, 2012. By the Third Amendment Regulations Reserve Bank of India, in exercise of the powers conferred by Clause (b) of Sub-section (3) of the Section 6 and Section 47 of the Foreign Exchange Management Act, 1999 (for short, '1999 Act'), made amendments to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 (for short, '2000 Regulations'). Having seen the Third Amendment Regulations, Mr. Manohar Lal Sharma, Petitioner-in-person, submits that though Section 48 of the 1999 Act mandates, inter alia, that the Regulations or the modifications made in the Regulations shall be laid before each House of Parliament as soon as may be after it is made while it is in session for a total period of thirty days which may be comprised in one session or in two or more successive sessions, there is every likelihood that the Third Amendment Regulations whereby 2000 Regulations have been amended may not be laid before both Houses of Parliament.
(2.) We are afraid, the apprehension of the Petitioner is premature and unfounded. We are informed by the Petitioner that the next session of the Parliament shall commence from November 23, 2012. The Petitioner must wait and see until next Parliament session.
(3.) At this stage, Mr. Manohar Lal Sharma, Petitioner-in-person, submits that an additional affidavit has been filed by him wherein constitutional challenge has been laid to the part of Section 48 of the 1999 Act which provides "that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule or Regulation.";