Role Of Monopolies And Restrictive Trade Practices Essay

(A CRITICAL ANALYSIS) BY: SUDHIR KUMAR DWIVEDI (Assistant Professor, Law) (Jaipur National University, Jaipur) E-mail: adv.skdwwivedi@gmail.com Mob. No. 09013456805, 07240503103 During economic reforms of 1990 it was observed that monopolies and restrictive trade practices (MRTP) has become outdated in context to international economic development relating to competition law and a new law which may reduce monopolies and promote competition , is required. After 1990s India witnessed a drastic increase in international trade law. During this period there was great increase in the volume and value of trade in goods and services, in cross border merger and acquisition (ME) and in foreign and direct investment. By passing of time restriction on foreign direct investment (FDI) were reduced. however Competition Act has come into force to replace Monopolies and restrictive trade practice (MRTP) Act ,1969. With effect from September 1, 2009 Government of India through ministry of external affairs notification repealed the MRTP Act. Enactment of competition law was with the purpose of providing a completion law which can meet and suits with changed economic demand of India and world. Keeping in mind these scenario the competition Act has been enacted with the purpose of providing a competition law regime that meets and suits the demands of theShow MoreRelatedSouth Africa Competition Policy Originates From The Regulation Of Monopolistic Conditions Act Essay1516 Words   |  7 Pages(Act No.96 of 1979) was introduced which was administered by the Competition Board. Amendment of the Act gave further power to the Competition Board, including the ability to not only eradicate new concentrations of economic power but also existing monopolies and oligopolies. 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