Competition Act 2002 & FEMA Acts Assignment Help

Competition Act 2002 – An Introduction

Competition Act, 2002 is an act that is creates a commission to safeguard activities that affects the competition to commence as well as withstand competition at the industry level. Additionally, it protects the complete consumer interest and validating freedom of trade. This act is ruled by commission which is sanctioned to:

Post a Ban on Some Specific Agreements: Some agreements that are anti-competitive in nature which are forbidden. This also include Refusal to Deal, Tie-in Arrangement, Exclusive Dealings and Resale Price Maintenance.
Manipulation of Leading Position: This includes some of the core activities which are inclusive of imposition of unfair conditions, restricting the production of goods or services, and enrolling in activities that led market access denial.
Regulation of Combination: This aims to regulate activities that are related to combinations, that include certain lawful activities such as mergers, amalgamation, acquisition, that adversely impacts the competition.

This act finds application to the entire India excluding Jammu & Kashmir regions. This enacts to impose competition policy that is forced in the country. This also aims to prohibit and penalize some of the anti-competitive trade activities. This also leads to undertaking and unwarranted intervention that is imposed by the government in the market. If you are looking for a Competition Act 2002 & FEMA Acts assignment help online that would support you to achieve your academic targets, hire BookMyEssay economics assignment writing team.

Objectives and Features of Competition Act, 2002 Discussed in Competition Act 2002 & FEMA Acts Essay Assignment Help

Competition Act 2002 got formulated to fulfil the following purposes/objectives:

This act aims to promote healthy market competition along with preventing practices that can adversely affect the competition level
It is targeted to safeguard interests of concerns in an apt manner
It provides freedom of trade that is taking place in the Indian markets
It safeguards against abuses of a firm’s dominant position in the market
It aims to creates awareness and impart training about the specifications of the Act

Main Features of Competition Act, 2002:

Competition Act is regarded as a concise and smaller legislation that features only 66 sections
This act constitutes Competition commission of India (CCI)
It is flexible to make alterations in the provisions as and when the need arises.
Any suit that falls within this Act is not entertained by the Civil courts
It also possesses penalty provision and is a perfect substitute of MRTP Act.
This Act features “Competition Fund”

Introduction and Main Attributes of Foreign Exchange Management Act (FEMA)

Foreign Exchange Management Act (FEMA) is an act passed by Parliament in the year 1999. This act can be replaced by the Foreign Exchange Regulation Act. It also imposes offences that are linked to foreign exchange civil offences. The act extends its functionality to the entire India.

FEMA becomes the hourly need to lend support to the Government of India imposed pro- liberalisation policies. The objective of the Act is to combine and make modification in the law that concerns foreign exchange with the purpose of facilitating external trade and payments. This also aims to promote the methodical development and upkeep of Foreign Exchange Market in India. This Act applies to various offices, branches, and agencies outside India. This is kept or controlled by a person, who resides in India.

Main Features of the FEMA as Discussed in Competition Act 2002 & FEMA Acts

The FEMA is inclusive of important features of that include:

FEMA is not valid for Indian citizens who are living outside India.
This act is in synch with complete current account convertibility that carries provisions and makes it progressive liberalisation easy for the entry of capital account transactions.
This act has a transparent application as it defines areas that seek specific permissions for acquisition/holding of foreign exchange from the Reserve Bank/Government of India
This act also functions as Civil Law and the Infringements of this Act executes situation for arrest in some of the rare cases.
As per the act, foreign exchange transactions are classified into two main categories namely Capital Account and Current Account Transactions
The act hands over complete freedom to a resident of India, earlier a non-India resident to acquire/own/transfer any of the immovable property/foreign security which is lying outside India

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