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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.
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What Act was replaced with the introduction of Competition Act 2002?
Monopolies And Restrictive Trade Practices, 1969(MRTP Act)
What is nature of mrtp act 1969?
Prevantion of import & export trade
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 is monopolistic and restrictive trade practice under mrtp act 1969?
Monopolistic and restrictive trade practices under the Monopolies and Restrictive Trade Practices (MRTP) Act of 1969 in India refer to practices that hinder competition and create monopolies in the market. Monopolistic practices involve a single entity dominating a market, leading to unfair pricing and reduced consumer choice. Restrictive trade practices include actions that limit competition, such as collusion, price-fixing, and exclusive agreements that prevent market entry for other players. The act aimed to promote fair trade and protect consumer interests by regulating such practices.
What are salient features of FEMA and MRTP?
The Foreign Exchange Management Act (FEMA) focuses on facilitating external trade and payments while promoting the orderly development and maintenance of the foreign exchange market in India. Key features include the regulation of foreign exchange transactions and the establishment of the Reserve Bank of India (RBI) as the central authority. The Monopolies and Restrictive Trade Practices Act (MRTP) aimed to prevent monopolistic practices and promote competition in the market. It included provisions for regulating mergers and acquisitions, ensuring consumer protection, and promoting fair trade practices.
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