What is the mrtp?

Answer 1

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.

Answer 2

MRTP ACT

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:

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.