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India plans to arm CCI with power to scrutinise global M&A deals
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IANS | 05 Aug, 2022
The Centre on Friday proposed significant amendments in the Competition
Act, 2002, aiming to give the Competition Commission of India (CCI)
powers to scrutinise all global mergers and acquisition deals exceeding
$252 million with "substantial business operations in India".
The
Competition (Amendment) Bill, 2022 has come in light of several Big
Tech companies like Meta, Microsoft and Google now having huge presence
in the country, which has recently seen a huge sum of investment coming
from tech giants like Facebook and Google and global VC firms.
"There
has been a significant growth of Indian markets and a paradigm shift in
the way businesses operate in the last decade. In view of the economic
development, emergence of various business models and the experience
gained out of the functioning of the Commission, the Government of India
constituted Competition Law Review Committee, to examine and suggest
the modifications in the said Act," according to The Competition
(Amendment) Bill, 2022 that was presented in the Lok Sabha.
Subject
to the provisions of this Act, "it shall be the duty of the CCI to
eliminate practices having adverse effect on competition, promote and
sustain competition, protect the interests of consumers and ensure
freedom of trade carried on by other participants, in markets in India",
it read.
The Competition Act, 2002 was enacted to provide for
establishment of a Commission to prevent practices having adverse effect
on competition, to promote and sustain competition in markets, to
protect the interests of consumers and to ensure freedom of trade
carried on by other participants, in India.
Presented by Finance
Minister Nirmala Sitharaman, the Competition (Amendment) Bill, 2022
seeks broadening the scope of anti-competitive agreements and inclusion
of a party facilitating an anti-competitive horizontal agreement under
such agreements.
It also seeks introduction of Settlement and
Commitment framework to reduce litigations and issuance of guidelines
including on penalties to be imposed by the Commission.
As
government regulators the world over, especially in European countries,
penalise Big Tech for millions of dollars over anti-competitive
behaviour, India is finally taking some steps in this direction.
Lately,
the CCI has taken charge to tame giants like Amazon, Apple, Google,
Facebook and others from harming competition and safeguarding the
interests of local businesses.
Under Ashok Kumar Gupta, a 1981
batch IAS officer from the Tamil Nadu cadre with 40 years in public
service, the antitrust watchdog has been hailed for leading probes
against e-commerce giants, social media firms and device manufacturers.
According to Gupta, the Chairman of CCI, Big Tech firms are "centres for entrenched and unchecked dominance".
The
CCI is currently investigating both Apple App Store and Google Play
Store policies, particularly their payment methods that harm local app
developers.
The CCI also launched a probe into Meta-owned WhatsApp's new privacy policy that came into effect early last year.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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