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Monopolies and restrictive trade practices act, 1969.
The Monopolies and Restrictive Trade Practices Act, 1969, aims to prevent concentration of economic power to the common detriment, provide for control of monopolies and probation of monopolistic, restrictive and unfair trade practice, and protect consumer interest.
Monopolistic trade practice is that which represents abuse of market power in the production and marketing of goods and services by eliminating potential competitors from market and taking advantage of the control over the market by charging unreasonably high prices, preventing or reducing competition, limiting technical development, deteriorating product quality or by adopting unfair or deceptive trade practices.
Wiki User
∙ 9y ago
Wiki User
∙ 13y agoThe Monopolies and Restrictive Trade Practices Act, 1969, aims to prevent concentration of economic power to the common detriment, provide for control of monopolies and probation of monopolistic, restrictive and unfair trade practice, and protect consumer interest.
Monopolistic trade practice:
Monopolistic trade practice is that which represents abuse of market power in the production and marketing of goods and services by eliminating potential competitors from market and taking advantage of the control over the market by charging unreasonably high prices, preventing or reducing competition, limiting technical development, deteriorating product quality or by adopting unfair or deceptive trade practices.
Restrictive Trade Practice:
To maximise profits and market power, traders often attempt to indulge in certain trade practices which tend to obstruct the flow of capital into the stream of production. It may also bring manipulation of prices or conditions of delivery or affect the flow of supplies in the market so as to impose unjustified costs
Unfair Trade Practice:
Misleading advertisement and False Representation
Falsely representing that goods and services are of a particular standard, quality, grade, composition or style.
Falsely representing any second hand renovated or old goods as new.
Representing that goods or services, seller or supplier have a sponsorship, approval or affiliation which they do not have.
Making a false or misleading representation concerning need for, or usefulness of goods or services.
Giving to public any warranty, guarantee of performance that is not based on an adequate test or making to public a representation which purports to be such a guarantee or warranty.
False and misleading claims with respect to the price of goods or services.
Giving false or misleading facts disparaging the goods, services or trade of another person or concern.
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What is the function of mRTP commission?
The function of the MRTP Commission is to make sure a business is not using a monopoly to control prices of product or cost of production. MRTP stands for Monopolies and Restrictive Trade Practice.
What is the function of commission?
The function of the MRTP Commission is to make sure a business is not using a monopoly to control prices of product or cost of production. MRTP stands for Monopolies and Restrictive Trade Practice.
Which organization keep a check on prices of essential commodities?
MRTP organisation
What is nature of mrtp act 1969?
Prevantion of import & export trade
What is the meaning of MRTP?
Type your answer here... MRTP (Monopolistic Restrictive Trade Practice) A monopolistic trade practice is essentially a trade practice which represents the abuse of the market power in the production or marketing of goods, or in the provision of services.
What Act was replaced with the introduction of Competition Act 2002?
Monopolies And Restrictive Trade Practices, 1969(MRTP Act)
Difference between mrtp act and competition act?
The Diffence between the MRTP Act 1969 and The Competition Act 2002 is as follows -The MRTP Act was enacted in the Pre Liberalisation era whereas the Competition Act is enacted in the Post Liberalisation era;The Object of the old Act was to prevent the economic concentration in one Common detriment, curbing unfair trade practices, ane to check monopolistic activities, on the other hand the object of the new Act is to promote and Sustaining Competition in the market and to to ensure the freedom of trade and to protect the interest of the consumer in whole;The MRTP Commission has the advisory role only whereas the later has some effective role including that of initiating suo moto actions and impose punishments to the entities having some adverse effect in the market.
The salient features of competition act 2002?
1) competition commission of india to be established.2) repeal of MRTP act and dissolution of MRTPC.3) pre-merger notification made optional.4) prohibition of abuse of dominant position.5) pending cases of MRTPC to be transferred to CCI6) competition fund to be created.7) pending unfair trade practices to be covered under consumer production act, 1986.
What are the objectives of the mrtp act?
nMaintaining the prices of goods or charges for the services at an unreasonable level by limiting, reducing or otherwise controlling the production, supply or distribution of goods or services;Unreasonably preventing or lessening competition in the production, supply or distribution of any goods or services whether or not by adopting unfair method or fairor deceptive practicesLimiting technical development or capital investment to the common detrimentnThe profits derived from the production, supply or distribution of any goods or servicesnThen they take advantage of their monopoly and charge unreasonably high prices. They also deteriorate the product quality, limit technical development, prevent competition and adopt unfair trade practices. n
What are the objective of the mrtp act?
nMaintaining the prices of goods or charges for the services at an unreasonable level by limiting, reducing or otherwise controlling the production, supply or distribution of goods or services;Unreasonably preventing or lessening competition in the production, supply or distribution of any goods or services whether or not by adopting unfair method or fairor deceptive practicesLimiting technical development or capital investment to the common detrimentnThe profits derived from the production, supply or distribution of any goods or servicesnThen they take advantage of their monopoly and charge unreasonably high prices. They also deteriorate the product quality, limit technical development, prevent competition and adopt unfair trade practices. n
What is the role of multinational companies in your Indian economy?
There is no distinction between an MNCs & a domestic company in India policy regarding MNCs is the same as for Foreign Private Capital in indie. Large & dominant MNCs along with Indian Companies are covered under MRTP Act. MNCs are specifically covered under Foreign Exchange Management Act (FEMA).Now, we study the operation of MNCs in India:1.) Profit Maximisation.2.) International Network of marketing.3.) Diversification Policy.4.) Concentration in Consumer goods.5.) Location of central control offices.6.) Techniques to achieve Public Acceptability.7.) Existence of Modern & Sophisticated Technology.8.) Business but not social Justice.9.) MNCs & Process of planned Economic Development in India.10.) Cultural Explosion.Read more: What_is_the_role_of_Multinational_companies_in_India
Is Indian economy boon or bane to Indian economy?
i of the view that mnc's are the way to move forward. rout which India would have been a failed state in the early 90's. when India was seein only unemplyed ppl on every parapet walls the opening gave them colour to life..... ppl were given jobs. if we need to l compete with other nations we need to have the back up of the mnc's.thus mnc's are a boon to be more precise god in disguise...
