Opposing views on competition law
The government has unveiled the competition law titled 'Competition Promotion and Market Protection Act 2007'.
This law was enacted in a bid to maintain healthy competition in production and distribution, prevent market from unnecessary interferences, control monopoly and maintain public welfare among others.
The new Act defines and bars anti-competitive practices and provides opportunity to the consumers to demand compensation. According to the provision, non-compliant could be slapped fine up to half million rupees.
The spirit of the law is to promote self-discipline among business players, said Prachanda Man Shrestha, joint secretary at Ministry of Industry, Commerce and Supplies (MoICS) referring to the new Competition Promotion and Market Protection Act.
However, representatives of business communities and some legal entrepreneurs have commented the law as traditional. They said the law was ambiguous on the issues such as allowance, penalty and compensation.
Suggesting for amendment, Advocate Tika Ram Bhattrai said the Act lacked the clarity in many clauses.
Similarly Second Vice-president of Federation of Nepalese Chambers of commerce and Industries (FNCCI) Kush Kumar Joshi opined that the competition act could not effective until government would enact Dumping Act.
They were speaking at an interaction titled 'Competition Law' organized in the capital on Wednesday.
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