Date Published: March 23, 2021
The maximum retail price (MRP) that is printed on all packaged commodities that consumers purchase, was introduced in 1990 by the Ministry of Civil Supplies, Department of Legal Metrology, by making an amendment to the Standards of Weights and Measures Act (Packaged Commodities’ Rules) (1976). It was meant to prevent tax evasion and protect consumers from profiteering by retailers. Before the amendment, manufacturers could print either the maximum retail price (inclusive of all taxes) or the retail price (local taxes extra). When producers opted for the latter method, it was found that retailers often charged more than the locally applicable taxes. Thus, the amendment was made to introduce the compulsory printing of MRP on all packaged commodities.
A maximum retail price (MRP) is a manufacturer calculated price that is the highest price that can be charged for a product sold in India, the only country which operates an MRP system However; retailers may choose to sell products for less than the MRP. MRP differs from systems using a recommended retail price because in those systems the price calculated by the manufacturer is only a recommendation, not enforceable by law.
Precautions For Consumers :
1. Purchase only when you need and do not purchase in a hurry.
2. Do not buy blindly. Demand full information before you buy.
3. Beware of false/misleading advertisements.
4. Do not compromise on the quality of goods and services and its quality. Purchase only quality products.
5. Do not forget to obtain proper receipt/cash memo. Always obtain the guarantee/warranty card duly stamped and signed by the shopkeeper, wherever necessary. These can be helpful in consumer courts.
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The maximum retail price (MRP) that is printed
Used by the Reserve Bank of India to deal with the deficiency of funds and liquidity
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