“A regulated economy is an important aspect of ensuring a balance between private business interests and the role of the state in ensuring a just polity for its citizens,” the Supreme Court ruled on Monday. Private businesses don’t have weapons in their arsenal to disable regulation made in the public interest under the Constitution.
A bench of Justice DY Chandrachud, Justice Vikram Nath and Justice BV Nagaratna said this while dismissing the appeal against the Madhya Pradesh High Court order upholding the RBI’s January 2020 guidelines on Merchandising Trade Transactions (MTT). For the sale of PPE products by a supplier in China to a buyer in the United States.
The court was hearing an appeal filed by Akshay N Patel, managing director of Anjalp Herbal Products Pvt Ltd.
Patel argued that the prohibition of international MTT violated their fundamental rights and freedoms.
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