MRTP full form

MRTP – Monopoly and Restrictive Trade Practice Commission

The Monopolies and Restrictive Trade Practices Commission or MRTP Commission which was passed by Parliament of India on the 18th day of the month December in 1969 and got the consent of president on December 27, 1969. Be that as it may, it came into power from June 1, 1970.

Presently, this commission is not in force in India, as it was canceled and it was replaced by Competition commission 2002 with impact from the 1st day of month September in the year 2009. The Monopolies and Restrictive Trade Practices Commission were replaced by the Competition Act of India.

On the basis of the proposal given by Dutt Committee, MRTP Commission was enacted in the year 1969 to give the guarantee that concentration of power which is an economic power and it is found in hands of few rich. The commission was there to disallow monopolistic and prohibitive exchange trade practices. It has been extended to all states of India except Jammu and Kashmir.

Please Share