After being passed by both the Lok Sabha and Rajya Sabha, the Competition (Amendment) Bill, 2023 received the
President’s assent on __________ to become the Competition (Amendment) Act, 2023.
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 11 April 2023.
After being passed by both the Lok Sabha on March 29, 2023, and the Rajya Sabha on April 3, 2023, the Competition (Amendment) Bill, 2023 received the President’s assent on April 11, 2023, thereby becoming the Competition (Amendment) Act, 2023
This amendment introduced several significant changes to the Competition Act, 2002, aimed at enhancing the regulatory framework for competition in India. Key provisions include the introduction of a deal value threshold for merger control, codification of the standard for control to include "material influence," and the limitation period for filing information or references before the Competition Commission of India (CCI) set at three years from the date the cause of action arises.