CURRENT AFFAIRS

Detailed explanation-1: -The seller can sell the product at a price lower than the actual printed price, i.e., MRP. A product manufacturer determines the MRP after considering all the expenses and profit margins. The government has nothing to do with determining the MRP of a product.

Detailed explanation-2: -In packaged food items, the labels on the package must contain information about the product such as, packed date, expiry date, nutritional information, quantity, etc. One such information provided is the MRP which is Maximum Retail Price. MRP is the highest price at which a product can be sold.

Detailed explanation-3: -Maximum Retail Price = Product’s actual Cost + Profit Margin + CnF margin + Distributor Margin + Retailer Margin + GST + Transportation + other expenses etc. “maximum retail price” means such price at which the product shall be sold in retail and such price shall include all taxes levied on the product.”

Detailed explanation-4: -"Rs. per ml” for pre-packaged commodities with net volume of the commodity less than one liter; “Rs. per liter” for pre-packaged commodities with net volume of the commodity more or equal to one liter.