Question
Download Solution PDFWhat does the letter ‘M’ stand for in the MRTP Act 1969?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Monopolies.Key Points
- Monopolies and Restrictive Trade Practices is how MRTP is officially referred to.
- The MRTP act in India went into effect on June 1st, 1970, after the MRTP bill was enacted in 1969.
- Over the years, this law has undergone numerous revisions as in the years 1974, 1980, 1982, and 1991.
- With the exception of Jammu and Kashmir, this law is applicable to all of India's states.
- In India, the MRTP act is no longer in effect.
- The Competition Act, which was put into effect on September 1st, 2009 by the Competition Commission of India, has taken its place.
Additional Information
- The MRTP act was the first significant piece of law to regulate unrestricted and free commerce.
- The government established the Sachar committee in 1977 to oversee the MRTP act's required review.
Last updated on Jun 13, 2025
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