Question
The MRTP commission was replaced by?Â
Solution
To ensure that the operation of the economic system does not result in the concentration of economic power in hands of few rich, the Monopolies and Restrictive Trade Practices Act (MRTP Act) came into force from June 1, 1970. This act is not in force in India currently as it was repealed and was replaced by Competition Act 2002 with effect from September 1, 2009. Competition Commission of India (CCI) is a statutory body of the GOI and is responsible for enforcing The Competition Act, 2002. The act is to prevent activities that have an appreciable adverse effect on competition in India. CCI was established on 14 October 2003. It became fully functional in May 2009.
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