Act Number: 12

Act Name: The Competition Act, 2002

Year: 2003

Enactment Date: 2003-01-13

Long Title: An Act to provide, keeping in view of the economic development of the country, for the establishment of a Commission to prevent practices having adverse effect on competition, to promote and sustain competition in markets, to protect the interests of consumers and to ensure freedom of trade carried on by other participants in markets, in India, and for matters connected therewith or incidental thereto.

Ministry: Ministry of Corporate Affairs

Department:

Section 51: Constitution of Fund.
    (1) There shall be constituted a fund to be called the "Competition Fund" and there shall be credited thereto--
         (a) all Government grants received by the Commission;
         1*                         *                         *                         *                         *
        (c) the fees received under this Act;
         (d) the interest accrued on the amounts referred to in 2[clauses (a) and (c).]
     (2) The Fund shall be applied for meeting--
         (a) the salaries and allowances payable to the Chairperson and other Members and the administrative expenses including the salaries, allowances and pension payable to the Director General, Additional, Joint, Deputy or Assistant Directors General, the Registrar and officers and other employees of the Commission;
         (b) the other expenses of the Commission in connection with the discharge of its functions and for the purposes of this Act.
     (3) The Fund shall be administered by a committee of such Members of the Commission as may be determined by the Chairperson.
     (4) The committee appointed under sub-section (3) shall spend monies out of the Fund for carrying out the objects for which the Fund has been constituted.
Notes:
1. Cl. (b) omitted by Act 39 of 2007, s. 41 (w.e.f. 12-10-2007).
2. Subs. by s. 41, ibid., for "clauses (a) to (c)" (w.e.f. 12-10-2007).
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