“Accordingly, such amendments are being proposed to the Competition Commission of India (Manner of Recovery of Monetary Penalty) Regulations, 2011,” CCI said in a release.
The amendments are proposed after challenges encountered in implementing these rules over the years and aim to improve regulatory compliance and efficiency.
The key aspects of the draft amendments, including procedures for issuing demand notices and recovery certificates, provisions for timely payment, and steps for addressing defaults.
Along with a draft of the amended regulations, the CCI has reinforced its regulatory enforcement by outlining a formalised process for the recovery of penalties imposed on enterprises and individuals. Under the latest amendments to its penalty recovery regulations, CCI mandates that upon the imposition of a penalty, the secretary will issue a demand notice to the penalised party under the norms through a designated recovery officer. This demand notice provides a specific timeframe, as set out in the CCI’s order, for payment of the penalty. If deemed necessary, the commission may shorten the standard 30-day payment window.
Additionally, the CCI reserves the right to amend any clerical or arithmetic errors in the demand notice.
This structured process aims to streamline compliance within India’s competitive market framework.