In which year did the Monopolistic and Restrictive Trade Practices Act

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In which year did the Monopolistic and Restrictive Trade Practices Act become effective ?

[amp_mcq option1=”1969″ option2=”1970″ option3=”1971″ option4=”1972″ correct=”option2″]

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UPSC Combined Section Officer – 2024
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The Monopolistic and Restrictive Trade Practices (MRTP) Act became effective in 1970.
The MRTP Act was enacted in India in 1969 to curb monopolistic and restrictive trade practices and prohibit unfair trade practices. While it was enacted in 1969, it officially came into force on June 1, 1970.
The MRTP Act, 1969, was a significant piece of legislation aimed at promoting competition and preventing concentration of economic power. It established the MRTP Commission to investigate and take action against such practices. However, in the post-liberalization era, it was felt that the Act was insufficient to address the complexities of modern competition issues. Consequently, it was repealed and replaced by the Competition Act, 2002, which came into full effect in phases starting from 2003, and the Competition Commission of India (CCI) was established.

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