Which of the legislation do not from part of the legal environment of business in India?
A. The Drugs and Cosmetics Act, 1940
B. The prevention of Food Adulteration Act, 1954
C. The Monopolies and Restrictive Trade Practices Act, 1969
D. Both B and C
Answer: Option D
Solution (By Examveda Team)
Legal environment of business refers to the laws, regulations, and acts that directly influence and regulate business operations in a country. These laws are specifically framed to guide and control business practices.The Drugs and Cosmetics Act, 1940 forms part of the legal environment of business because it directly regulates the production, distribution, and quality of drugs and cosmetics, ensuring business practices meet health and safety standards.
The Prevention of Food Adulteration Act, 1954 mainly deals with consumer protection and public health rather than regulating business operations in general.
The Monopolies and Restrictive Trade Practices Act, 1969 (MRTP) was replaced by the Competition Act, 2002. Therefore, MRTP Act no longer forms part of the current legal environment of business in India.
Thus, the legislations that do not form part of the legal environment of business in India are both B and C.
This Question Belongs to Commerce >> Business Environment And International Business
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Comments (1)
Which of the legislation do not from part of the legal environment of business in India?
A. The Drugs and Cosmetics Act, 1940
B. The prevention of Food Adulteration Act, 1954
C. The Monopolies and Restrictive Trade Practices Act, 1969
D. Both B and C
Consider the following statements. Which of these statements is/are true?
A. Socialism is compatible with democracy and liberty, whereas Communism involves creating an 'equal society' through an authoritarian state
B. Totalitarianism is a form of government which involves complete submission of people to the government. The State recognizes no limits to its authority and strives to control every aspect of public and private life wherever feasible
C. India differed from core socialism as it went for a mixed economy rather than complete government control
D. All of the above statements are true
"Repo Rate" refers to the rate at which
A. RBI borrows short-term money from the market
B. Banks keeps the money with RBI
C. Banks take money from RBI after offering some securities
D. Forex is purchased by RBI
A. Preferential Trade Area
B. Custom Unions
C. Economic Union
D. Common Market
Incorrect Ans. These all 3 acts belong to india business environment