Executive Summary:
This document outlines amendments to the Competition Commission of India's (CCI) regulations regarding the recovery of monetary penalties. These amendments, titled "Competition Commission of India Manner of Recovery of Monetary Penalty Amendment Regulations, 2014," address the repercussions of failing to deposit imposed penalties within the stipulated timeframe. The regulations came into effect on the date of their publication in the Official Gazette: July 30, 2014.
Key Points / Main Content:
* **Amendment Title:** Competition Commission of India Manner of Recovery of Monetary Penalty Amendment Regulations, 2014.
* **Regulation Addressed:** Amends the Competition Commission of India Manner of Recovery of Monetary Penalty Regulations, 2011.
* **Effective Date:** Regulations are effective from the date of publication in the Official Gazette (July 30, 2014).
* **Penalty Payment Default:** Failure to deposit the penalty amount within the stipulated period leads to the following:
* Liability to pay simple interest at a rate of 1.5% for every month (or part thereof) from the expiry of the demand notice period until the date of payment.
* The CCI may take necessary steps for recovery of the due amount.
* The CCI may initiate actions for non-compliance of its orders.
Impact Analysis:
* **Entities/Individuals Subject to Monetary Penalties by the CCI:**
* Impact: Subject to the amended regulations regarding monetary penalty recovery, specifically concerning interest charges on late payments and potential recovery actions/non-compliance penalties.
* Action Required: Ensure timely payment of penalties imposed by the CCI to avoid accruing interest and potential recovery or non-compliance actions.
* **Competition Commission of India (CCI):**
* Impact: Responsible for enforcing the amended regulations, including calculating and collecting interest on overdue penalties, initiating recovery actions, and addressing non-compliance.
* Action Required: Implement the amended regulations for monetary penalty recovery, including establishing procedures for calculating and collecting interest, initiating recovery actions, and addressing non-compliance.
Key Entities Referenced
Competition Commission of India: The regulatory body responsible for enforcing the Competition Act in India.
Competition Act, 2002: The primary legislation governing competition law in India, empowering the Competition Commission of India.
Competition Commission of India Manner of Recovery of Monetary Penalty Amendment Regulations, 2014: The regulation being amended, concerning the procedure for recovering monetary penalties imposed by the Competition Commission of India.
Competition Commission of India Manner of Recovery of Monetary Penalty Regulations, 2011: The original regulations that are being amended by the 2014 amendment.
New Delhi: The location of the Competition Commission of India, and place of publication
Smita Jhingran: Secretary of the Competition Commission of India.
Section 64 of the Competition Act, 2002: The section of the Competition Act that grants powers to the Competition Commission of India.
Gazette of India: The official government publication in which the regulations are published.
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3040 GI/2014 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
COMPETITION COMMISSION OF INDIA
NOTIFICATION
New Delhi, the 25th June, 2014
The Competition Commission of India (Manner of Recovery of Monetary Penalty) Amendment
Regulations, 2014
No. R-40007/Reg-Recovery/Noti/04-CCI.—In exercise of the powers conferred by Section 64
of the Competition Act, 2002 (12 of 2003), the Competition Commission of India hereby makes the
following regulations Competition Commission of India (Manner of Recovery of Monetary Penalty)
Amendment Regulations, 2014 to amend the Competition Commission of India (Manner of Recovery
of Monetary Penalty) Regulations, 2011, namely :—
1. Short title and commencement.—(1) These regulations may be called the Competition
Commission of India (Manner of Recovery of Monetary Penalty) Amendment Regulations, 2014.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Competition Commission of India (Manner of Recovery of Monetary Penalty)
Regulations, 2011, in Form I, for the paragraph, “In case you fail to deposit the entire demand imposed
by the Commission within the aforesaid period, the Commission shall take any action as it deems
necessary in accordance with law”, the following paragraphs shall be substituted, namely :—
“In case you fail to deposit the penalty amount, i.e……….. (Rupees …….Only) within the
aforesaid period, you shall be liable to pay simple interest @ 1.5% for every month or part of a
month comprised in the period commencing from the date immediately after the expiry of the
period mentioned in this demand notice and ending with the date on which the demand is paid.
Further, the Commission shall also take necessary steps for recovery of the sum so due besides
initiating actions for non-compliance of the order(s) of the Commission”.
SMITA JHINGRAN, Secy.
[ADVT. III/4/Exty./187-M/14]
Note : Principal Regulations published vide Notification No. F. No. R-40007/Reg-Recovery/Noti/
04-CCI in the Gazette of India, Extraordinary, Part III, Section 4, dated the 8th February, 2011.
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.