The Commission is due to take up the matter for consideration by the end of this week, sources said.
iPhone, the touch screen handset that acquired a cult status in the US and other western countries, was launched for the first time in India in 2008.
Following the launch, the new upgrades have also been introduced in the Indian market.
Smartphones are catching up fast in the Indian market, especially at a time more companies roll out 3G services across the country.
3G services, which offer high-speed Internet access, have already been rolled out by various operators like Airtel, Vodafone and Aircel.
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