Correct option is C
The correct answer is (c) MRTP
Explanation:
The Competition Act, 2002 replaced the Monopolies and Restrictive Trade Practices Act (MRTP Act), 1969 to promote fair competition and curb anti-competitive practices in India.
The MRTP Act, 1969 was enacted to prevent monopolies and restrictive trade practices, but it became outdated in the era of liberalization (1991 economic reforms).
The Competition Act, 2002, passed by the Parliament of India, aimed at ensuring a competitive market, protecting consumer interests, and preventing anti-competitive agreements and abuse of dominant position.
Information Booster:
- MRTP Act, 1969 was designed to prevent monopolies and unfair trade practices, but after liberalization, India needed a modern competition law that aligned with a globalized economy.
- The Competition Act, 2002 regulates:
- Anti-competitive agreements (e.g., cartels).
- Abuse of dominant position by companies.
- Mergers and acquisitions that may impact market competition.
- The Competition Commission of India (CCI) ensures a level playing field and penalizes companies involved in unfair trade practices.
- The Act was amended in 2007 and 2023 to strengthen its provisions and improve enforcement mechanisms.
- The MRTP Commission was dissolved in 2009, and its pending cases were transferred to the Competition Commission of India (CCI).
Additional Information:
LERMS (Liberalized Exchange Rate Management System): Introduced in 1992 as part of India's foreign exchange reforms to manage the exchange rate mechanism.
FERA (Foreign Exchange Regulation Act, 1973): Enacted to regulate foreign exchange transactions in India. It was later replaced by FEMA (Foreign Exchange Management Act, 1999).
FEMA (Foreign Exchange Management Act, 1999):Replaced FERA to liberalize foreign exchange policies and facilitate foreign investment and trade in India.
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