What is MRP?
When we go to the market and make a purchase, we see that any item we buy is marked with the Maximum Retail Price of an MRP, which no shopkeeper sells the said product at a higher price.
It is so impressed to protect the rights of the consumer and curb the arbitrariness of shopkeepers. Apart from this, there are many things that we need to know about. Let’s talk about this.
According to our country’s Consumer Goods (Compulsory Printing of Production and Maximum Value) Act 2006, the maximum value of any consumer material available for sale in the country is required to be printed on the packet of the product being sold. In every country of the world, there are different types of laws and arrangements for this.
Standard of fixing MRP
It is the responsibility of the producer of any product to bring the total value increase in carrying goods with retailer or small shopkeeper along with its cost, including tax, collection, By taking the cost of carrying and adding profits, fix one price which is maximized, so that no more shopkeeper will sell that item.
The purpose of deciding the MRP
Its purpose is easy to understand. Its purpose is to protect the rights of the consumer in the same way, secondly, it limits the competition between big traders and small traders, which does not adversely affect many businesses.
When the MRP law was not arranged, the big businessmen decided to do the things they wanted to buy, which would have required consumers to buy the necessary goods at a higher price but now it is not that no item should be sold at a higher price than the MRP.