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Cabinet clears bill to promote competition

India's cabinet approved a bill on Tuesday to boost competition in the economy and protect consumer interests, a minister said on Tuesday.

The legislation, aimed at curbing monopolistic practices and promoting market freedom, would be introduced in the monsoon session of Parliament, due to reconvene later this month, Law Minister Arun Jaitly said.

The bill would replace the existing Monopolistic and Restrictive Trade Practices Act.

The bill also proposes setting up a regulatory body to be known as the Competition Commission of India to check the formation of cartels, collusive bidding, restriction of supplies and price fixing.

Under the new legislation, the CCI could act to prevent a monopoly situation if a merged entity had assets of more than Rs 10 billion ($212.7 million) and turnover of more than Rs 30 billion.

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