CCI armed with power to penalise tech MNCs for violations based on global revenue
The lower house of the Parliament cleared some amendments to the Competition Act that will bring global deals by tech MNCs under local laws
The Competition Commission of India (CCI) will now have the power to impose penalties on multinational companies (MNCs) for violations based on their international revenue, reports say. The lower house of the parliament cleared some amendments to the Competition Act that will allow global deals by digital MNCs to come under local laws.
Presently, penalties are based on relevant market revenues, but under the new rules, they can also be based on their global revenues.
According to the Competition Bill 2022, tech companies that have a strong presence in India will come under the CCI ambit for deals valued over Rs 2,000 crore.
The amendments were passed without any debate and will arm the government to regulate digital companies to create a level-playing field.
