GK
INDIAN ECONOMY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
1970
|
|
|
1965
|
|
|
1980
|
|
|
1982
|
Detailed explanation-1: –The Monopolies and Restrictive Trade Practices Act, 1969 (in short, MRTP Act) came into force with effect from 1st June, 1970.
Detailed explanation-2: -The Competition Act, 2002 has repealed and replaced the Monopolies and Restrictive Trade Practices Act, 1969. This Act was enacted to govern the Indian competition Law. It is established by the Indian Parliament and is applicable to the whole of India.
Detailed explanation-3: -The objective of the MRTP Act and the Consumer Protection Act is to engender competition. The concept of public interest which includes consumer interest permeates the regulatory framework provided for the prohibition of monopolistic, restrictive and unfair trade practices in both the statutes.