What is Restrictive Trade Practice :
The Restrictive Trade Practices Act 1956 was an act of the Parliament of the United Kingdom intended to enforce competition, and provide an appropriate check on restrictive combines and practices. It required that any agreement between companies that restricted trading should be placed on a public register unless granted exemption by the Secretary of State. Changes to an agreement, including its ending, were required to be notified and no agreement could be brought into force before appearing on the register.
A restrictive trade practice is generally one which has the effect of preventing, distorting or restricting competition. In particular, a practice which tends to obstruct the flow of capital or resources into the stream of production is an RTP.
Examples of restrictive practices include EXCLUSIVE DEALING, REFUSAL TO SUPPLY, FULL LINE FORCING, TIE-IN SALES, AGGREGATED REBATES, RESALE PRICE MAINTENANCE and LOSS LEADING.
A restrictive trade practice is defined under Section 2(1)(nnn) of the Consumer Protection Act, 1986. Restrictive trade practices are targeted at the consumers who are burdened with restriction and unjustified costs through the practices of the trader.
Aishwarya Says:
I have always been against Glorifying Over Work and therefore, in the year 2021, I have decided to launch this campaign “Balancing Life”and talk about this wrong practice, that we have been following since last few years. I will be talking to and interviewing around 1 lakh people in the coming 2021 and publish their interview regarding their opinion on glamourising Over Work.
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In the year 2021, we wrote about 1000 Inspirational Women In India, in the year 2022, we would be featuring 5000 Start Up Stories.