Definition of MRTP Act,1969 & Competition Act 2002 | Legal Aspects of business |DU |UGC - NET| B.com
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Definition of MRTP Act
MRTP Act or otherwise known as Monopolistic and Restrictive Trade Practices Act, was the first-time ever, competition law in India, that came into force in the year 1970. However, it underwent amendment in different years. It aimed at:
Controlling and regulating the centralization of economic power.
Controlling monopolies, restrictive, unfair trade practices.
Prohibit monopolistic activities
Further, the act makes a distinction between Monopolistic Trade Practices and Restrictive Trade Practices, summarized as under:
Monopolistic Practices: The practices adopted by the undertaking, on account of their dominance, which harm the public interest. It includes:
Charging unreasonably high prices.
Policy the lessens existing and potential competition.
Restricting capital investment and technical development.
Restrictive Practices: Acts that prevent, distort or restrict competition comes under restrictive practices. These are adopted by a few dominant firm with an agreement to hinder the growth of competition, called as cartelization. It includes:
Restricting the sale or purchase of goods to/from specified persons.
Tie-in-sale, i.e. forcing the customer to purchase a particular product, so as to purchase another product.
Restricting areas of sale.
Boycott
Formation of cartels
Predatory pricing
Definition of Competition Act
Competition Act, 2002 is meant to create a Commission that prevents activities which adversely affect competition and initiate and sustain competition in the industry. Further, it aims at protecting consumer interest and corroborating freedom of trade. The commission is empowered to:
Ban certain agreements: Agreements which are anti-competitive in nature are prohibited. It includes:
Tie-in arrangement
Refusal to deal
Exclusive Dealings
Resale price maintenance
Abuse of dominant position: It includes activities such as limiting production of goods or services, the imposition of unfair conditions or engaging in such activities which lead to denial of market access.
Regulation of combination: It regulates the activities of combinations, i.e. mergers, acquisition, amalgamation, which is likely to adversely affect competition.
The act applies to whole India, except in Jammu & Kashmir. It was enacted to enforce competition policy in the country and also to stop and penalize anti-competitive trade activities of the undertaking and undue intervention of the government in the market.
#Vishnueconomicsschool
#NTANETECONOMICS
Website www.vishnueconomicsschool.in
NOTES AND BOOK STORE; - https://www.instamojo.com/vishnugupta...
Download my app Vishnu ECONOMICS SCHOOL from playlist or link is given below https://play.google.com/store/apps/de...
Contact Phone Number: 9711855529
Mail id: [email protected]
TELEGRAM ;- https://t.me/Vishnueconomicsschool
Our channel for commerce students
WEBSITE www.vishnueconomicsschool.in
DEMO
ENGLISH MEDIUM
MICROECONOMICS
HINDI MEDIUM
Playlist
Definition of MRTP Act
MRTP Act or otherwise known as Monopolistic and Restrictive Trade Practices Act, was the first-time ever, competition law in India, that came into force in the year 1970. However, it underwent amendment in different years. It aimed at:
Controlling and regulating the centralization of economic power.
Controlling monopolies, restrictive, unfair trade practices.
Prohibit monopolistic activities
Further, the act makes a distinction between Monopolistic Trade Practices and Restrictive Trade Practices, summarized as under:
Monopolistic Practices: The practices adopted by the undertaking, on account of their dominance, which harm the public interest. It includes:
Charging unreasonably high prices.
Policy the lessens existing and potential competition.
Restricting capital investment and technical development.
Restrictive Practices: Acts that prevent, distort or restrict competition comes under restrictive practices. These are adopted by a few dominant firm with an agreement to hinder the growth of competition, called as cartelization. It includes:
Restricting the sale or purchase of goods to/from specified persons.
Tie-in-sale, i.e. forcing the customer to purchase a particular product, so as to purchase another product.
Restricting areas of sale.
Boycott
Formation of cartels
Predatory pricing
Definition of Competition Act
Competition Act, 2002 is meant to create a Commission that prevents activities which adversely affect competition and initiate and sustain competition in the industry. Further, it aims at protecting consumer interest and corroborating freedom of trade. The commission is empowered to:
Ban certain agreements: Agreements which are anti-competitive in nature are prohibited. It includes:
Tie-in arrangement
Refusal to deal
Exclusive Dealings
Resale price maintenance
Abuse of dominant position: It includes activities such as limiting production of goods or services, the imposition of unfair conditions or engaging in such activities which lead to denial of market access.
Regulation of combination: It regulates the activities of combinations, i.e. mergers, acquisition, amalgamation, which is likely to adversely affect competition.
The act applies to whole India, except in Jammu & Kashmir. It was enacted to enforce competition policy in the country and also to stop and penalize anti-competitive trade activities of the undertaking and undue intervention of the government in the market.
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