The Ministry of Corporate Affairs has amended the Competition Act, enabling the Competition Commission of India (CCI) to levy penalties based on a company’s global turnover, rather than just the turnover from the specific product or service under investigation. Effective from March 6, 2024, the amendment aims to deter violations, particularly by Big Tech firms. Experts anticipate guidelines from CCI on penalty computation methods. However, concerns arise regarding potential discrepancies between domestic and global companies in penalty imposition. The amendment allows penalties up to 10% of the average global turnover.
MCA notifies Competition Act provision to levy penalty on global turnover
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