What Are The Amendments to The Competition Act proposed?
Penalties for Competition Law Violations:
What Are The Benefits of The Competition (Amendment) Bill?
Promoting Ease of Doing Business:
What is a competition law amendment?
The amendment allows for the imposition of penalties for competition law violations based on a company's global turnover, rather than just its turnover in India.
The Bill reduces the time limit for the CCI to form a prima facie opinion on a combination from 30 working days to 30 days.
What is the 2020 draft bill?
The Bill primarily tracks the draft Competition (Amendment) Bill, 2020 (‘ 2020 Draft Bill ’), with some incremental changes.
We had summarised and discussed the changes made in the 2020 Draft Bill, which can be accessed here.
The Bill excludes some of the proposed text in the 2020 Draft Bill.
What Is The Competition Act, 2002?
The Competition Act, 2002, regulates competition in the Indian market and prohibits anti-competitive practices such as cartels, abuse of dominant market position, and mergers and acquisitions that.
Why in News?
Recently,the Competition (Amendment) Bill, 2022, which seeks to amend the Competition Act, 2002, was passed in theLower Houseamid protests from the Opposition.
And the Forest (Conservation) Amendment Bill, 2023 is also introduced in parliament.
Giteau's law, or the Giteau law, is a name given to a practice by the Australian Rugby Union (ARU) introduced in 2015 to allow overseas-based Australian rugby union players to be eligible to play for the Australian national rugby union team.
The policy change is colloquially named after Matt Giteau, as the rule was seen primarily to bring Giteau into the Australian side for the 2015 Rugby World Cup.
