LEGAL ENVIRONMENT

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CONTENT

• Meaning• Competition Law• Competition Act 2002• Foreign Exchange Management Act (FEMA)

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MEANING

• Set of laws, regulations, which influence the business organisations and their operations.

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• It is designed to protect the interest of the consumer by protecting ‘competition’ in the market.

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COMPETITION ACT, 2002

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Features

• FEMA gives the central government the power to impose the restrictions.

• Restrictions are imposed on immovable property abroad.

• The transactions should be made only through an authorised person.

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Features

• Deals in foreign exchange can be restricted by the Central Government.

• The RBI is empowered the capital account transactions to a number of restrictions.

• Exporters are needed to furnish their export details to RBI.

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