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Mumbai:
The Reserve Bank of India (RBI) has withdrawn its
directive issued to authorised dealers in January this
year, prohibiting them from releasing foreign exchange
to Pepsi Foods Ltd, Hero Honda Motors Ltd and LG Electronics
India Pvt Ltd, in connection with the World Cup Cricket
event without its prior clearance.
The
apex bank has said, the withdrawal of the ban is in view
of the disposal of a writ petition by the Delhi High Court
and authorised dealers are now free to dispose of pending
applications relating to the World Cup event, subject
to usual conditions.
According
to an RBI circular, the Delhi High Court, while disposing
off the petition has observed, "Considering the submissions
made at the bar, this Court is of the opinion that essentially
a writ petition was filed to ensure that the Indian Cricket
Team is able to play and it was observed too that it was
in public interest. Once they were permitted to participate
in the tournament, the petition must be disposed of having
become infructuous. So far as the other prayers are concerned,
matter is in
the realm of contract and it is between the parties individually
for which these petitioners are not concerned and therefore,
we do not find any reason to entertain the petition."
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