CS Executive · Economic, Commercial and Intellectual Property Laws · Competition Law
The Competition Commission of India wants to sign a memorandum of cooperation with the competition authority of a foreign country to help it carry out its functions. Under the Competition Act, 2002, what is required before CCI enters into this arrangement?
The Commission needs the prior approval of the Central Government before entering into a memorandum or arrangement with any agency of a foreign country. This requirement applies to foreign agencies only, because arrangements with domestic statutory authorities or government departments do not require such approval.
- APrior approval of the Central GovernmentCorrect
- BPrior approval of the Securities and Exchange Board of India
- CPrior approval of both Houses of Parliament
- DNo approval is needed from anyone
Explanation
Section 18 allows the Commission to enter into a memorandum or arrangement with an agency of a foreign country only with the prior approval of the Central Government. By contrast, an arrangement with a domestic statutory authority or government department needs no such approval. Parliament and SEBI have no approval role.
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