Question : The main objective of the Monopolies and Restrictive Trade Practices (MRTP) Act was to:
Option 1: Promote competition in the market
Option 2: Encourage monopolistic practices
Option 3: Regulate foreign trade
Option 4: Control labor unions
Correct Answer: Promote competition in the market
Solution : The correct answer is (a) Promote competition in the market.
The main objective of the Monopolies and Restrictive Trade Practices (MRTP) Act was to promote competition in the market and prevent monopolistic and restrictive trade practices. The act aimed to curb monopolies, restrict unfair trade practices, and protect the interests of consumers. It provided provisions for the regulation and control of large business entities to ensure fair competition and prevent the concentration of economic power in the hands of a few. The MRTP Act was enacted in 1969 and was later replaced by the Competition Act in 2002 to further strengthen competition laws in India.
Question : MRTP Act was enacted in 1969 to ensure that the operation of the economic system does not result in the concentration of economic power in the hands of a few. The full form of MRTP is ________.
Question : The major objective of the Foreign Exchange Regulation Act (FERA) was to:
Question : The Foreign Exchange Regulation Act was replaced by the ______ in India.
Question : Fill in the blanks- For the first time MRTP act was replaced by Competition Act __.
Question : Statement 1: The Foreign Exchange Regulation Act (FERA) was enacted to regulate foreign trade in India.
Statement 2: FERA was replaced by the Foreign Exchange Management Act (FEMA) in 1991.
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