CURRENT AFFAIRS

Detailed explanation-1: -The Competition Commission of India (CCI) will organize the 5th National Conference on Economics of Competition Law on 6th March 2020 in New Delhi.

Detailed explanation-2: -Initially, the Competition Commission of India was responsible for enforcing The Monopolies and Restrictive Trade Practices Act, 1969 or the MRTP Act. Later, on the recommendations of the Raghavan Committee, the Competition Act, 2002, repealed and replaced by the MRTP act.

Detailed explanation-3: -The main objective of the Competition Act 2002 is to safeguard the interests of consumers from anti-competitive behaviour in the market and to ensure freedom and liberty to trade in the market.

Detailed explanation-4: -The Act controls three anti-competitive behaviours, namely, mergers and acquisitions (combinations), abuse of dominant positions, and anti-competitive agreements. The basic standard for the control of anti-competitive behaviour is that such behaviour should not significantly harm competition within India.

Detailed explanation-5: -The Monopolies and Restrictive Trade Practices Act, 1969 [MRTP Act] repealed and is replaced by the Competition Act, 2002, with effect from 01st September, 2009 [Notification Dated 28th August, 2009].