December 7, 2021 6:45:59 am
“A regulated economy is a critical facet of ensuring a balance between private business interests and the State’s role in ensuring a just polity for its citizens,” the Supreme Court ruled Monday, adding that the 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”.
A bench of Justices D Y Chandrachud, Vikram Nath and B V Nagarathna said this while dismissing an appeal against a Madhya Pradesh High Court order upholding RBI’s January 2020 guidelines on Merchandising Trade Transactions (MTT) under which permission was denied to a businessman for an international MTT contract for sale of PPE products by a supplier in China to a buyer in the United States.
The court was hearing an appeal by Akshay N Patel, Managing Director of Anzalp Herbal Products Private Limited.
Patel argued that the prohibition of international MTT infringed his fundamental rights and freedoms.