The Competition (Amendment) Bill, 2022 proposes to reduce the timeline for the CCI to pass an order on transactions from 210 days to days.

Question

Question

This question was previously asked in

SSC CGL 2022 Tier-I Official Paper (Held On : 02 Dec 2022 Shift 2)

Answer 1

The correct answer is 150.Key Points

The Competition (Amendment) Bill, 2022 proposes to reduce the timeline for the CCI to pass an order on transactions from 210 days to 150 days.
It seeks to amend the Competition Act, 2002.
The Act prohibits any person or enterprise from entering into a combination which may cause adverse effect on competition.
Combinations mean mergers, acquisitions, or amalgamation of enterprises.
The Act defines control as control over the affairs or management by one or more enterprises over another enterprise or group.
The Act specifies that any combination shall not come into effect until the CCI has passed an order or 210 days have passed from the day when an application for approval was filed.
CCI may initiate proceedings against enterprises on grounds of entering into anti-competitive agreements and abuse of dominant position.
The Act empowers the central government to appoint a Director General to CCI.
It states required qualification of members of CCI.
The Bill changes the nature of punishment for certain offences from imposition of fine to penalty.

Additional Information

Competition Commission of India
- The objectives of the Act are sought to be achieved through the Competition Commission of India, which has been established by the Central Government with effect from 14th October 2003.
- The Competition Commission of India's goal is to create and sustain fair competition in the economy that will provide a ‘level playing field’ to the producers and make the markets work for the welfare of the consumers.
- CCI consists of a Chairperson and 6 Members appointed by the Central Government.
- It is the duty of the Commission to eliminate practices having an adverse effect on competition, promote and sustain competition, protect the interests of consumers and ensure freedom of trade in the markets of India. Hence, option 4 is correct.
- The Commission is also required to give an opinion on competition issues on a reference received from a statutory authority established under any law and to undertake competition advocacy, create public awareness and impart training on competition issues.