CCI slaps Rs8,024-crore penalties, recovers Rs19 crore
7 Dec 2013 11:02 PM GMT
Fair trade regulator Competition Commission of India (CCI), for which the government has proposed direct search and seizure powers, has managed to recovery only Rs 19.37 crore out of total penalties worth over Rs 8,000 crore imposed by it on 154 entities so far.
The Competition Commission of India has the mandate to keep a tab on unfair trade practices at the market place.
Corporate Affairs Minister Sachin Pilot has said the commission till 25 November has imposed a penalty of Rs 8,024.18 crore on 154 parties in various cases.
Out of the total amount, an amount of Rs 19.37 crore has been recovered and deposited in government account from 58 parties, Pilot has informed the Parliament. The penalty is recoverable as per the provisions contained in CCI (Manner of Recovery of Monetary Penalty) Regulations, 2011.
Meanwhile, the government has proposed to provide more powers to CCI.
The Competition (Amendment) Bill, 2012 introduced in the Lok Sabha inter-alia, proposes to enable the commission to conduct search and seizure operations directly for carrying out effective investigations into unfair market practices, Pilot informed the Lok Sabha on Thursday.
The bill is presently under reference to Parliamentary Standing Committee on Finance for examination and report, the minister said.
The Competition Commission of India has the mandate to keep a tab on unfair trade practices at the market place.
Corporate Affairs Minister Sachin Pilot has said the commission till 25 November has imposed a penalty of Rs 8,024.18 crore on 154 parties in various cases.
Out of the total amount, an amount of Rs 19.37 crore has been recovered and deposited in government account from 58 parties, Pilot has informed the Parliament. The penalty is recoverable as per the provisions contained in CCI (Manner of Recovery of Monetary Penalty) Regulations, 2011.
Meanwhile, the government has proposed to provide more powers to CCI.
The Competition (Amendment) Bill, 2012 introduced in the Lok Sabha inter-alia, proposes to enable the commission to conduct search and seizure operations directly for carrying out effective investigations into unfair market practices, Pilot informed the Lok Sabha on Thursday.
The bill is presently under reference to Parliamentary Standing Committee on Finance for examination and report, the minister said.
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