Full form of MRP Rs|| Meaning,Currency rules 2011,pros & cons


Full form of MRP Rs

Full form of MRP Rs: Maximum retail price


Above all, MRP is defined as the maximum cost a seller is allowed to sell a product in. The MRP is usually printed on the packets and covers of several different products. It is, however, an expected cost unit. That is fixed by the product manufacturing company. Moreover, it can only be found in products. For the Indian and the Bangladeshi population. The maximum retail price can, however, fluctuate according to the place of business. The seller may tend to sell a product at either higher or lower price than the fixed retail price. All of it depends on the supply and the demand for a particular product. The only law in such countries. Is that the seller is allowed to sell the product. At a price lower than the indicated MRP. But is not allowed to sell it at a higher one. 


What lawyered.com says about MRP?


According to lawyered.in, the system of MRP. Or the maximum retail price dates back to the 1990s. However, the amendment of the Standards of the weights and measures act, 1997. Was the origin of this concept of MRP in India. Above all, the concept of MRP is just. It has helped the customers to shop. In the fairest and just manner. Before the implementation of this act.


The Indian population was facing the unjust practice of the trade. The year 1997 has revolutionised the system of trade in India. MRP has helped the consumers to know the exact price of a product. It has helped the consumers to remain safe from illegal charges of a product. However, it has simplified the system of trade. Enabling the sellers to develop trust among their respective buyers. Even helping the companies and businesses to grow over time. All with developing trust and responsibility with their consumers. However, knowing the full form of MRP Rs is worth it.


The Legal Metrology Rules, 2011:


The Legal Metrology Rules, 2011 has a number of rules according to its rulebook. Some of which are as follows (these are not the original statements).

  • The very first rule states that there must be a label placed on each product. This label must contain the crucial and readable information about a product. The written label should contain the declaration of the maximum retail price. That is fixed and printed by the manufacturing company.
  • The retailers are not given any compensation. Regarding the type of product they sell. The rule of MRP is completely free. From the kind of product being sold by the seller. It will be not compensated for selling. Only a single brand of the respective product.
  • A strict declaration for online sellers. Making it compulsory for them to give proper details. Those who try to sell products via their online e-commerce services. Are required to provide the proper information. Regarding their personal information of name, address. Along with the packer, importer, manufacturer and a lot more.
  • The stuff used in medical sciences. From injections to valves. Everything is required to have the MRP mentioned on them. Since the medical field is case sensitive. It has been declared as a necessity. To print the MRP details on any stuff related to this field. However, it has been made compulsory under the PCR act, 2011.
  • Moreover, no two MRP's can be assigned to the same product. The product is not allowed to be sold at two different prices. This rule helps consumers, from getting confused. In places of entertainment and travel. The consumers also remain isolated from paying extra.


The last two members of the list:


  • The MRP has to be visible. In the same vein, the packing and labelling industry is directed to do it. These companies are ordered to print bigger and clear MRP's. They must be visible to the naked eye. A bigger font, darker colour and the right background colour. Are the three things that are required to be noted before printing the maximum retail price (MRP) on the product. Along with proper labelling of the expiry date and the manufacturing company is also wanted.
  • Moreover, the Consumer Good Act, 2006 states against illegal charges. The act directs the sellers to sell the product. In a priceless or equal to the maximum retail price. But it even has a modified form after the implementation of the GST. Asking the sellers not to charge any extra price - in name of it.


Pros of the concept of MRP:


The implementation of the concept of MRP is advantages. After, several different critics and comments also. The concept could never be denied. Moreover, the concept of the maximum retail price is considered among all. Helping the system with customer awareness, getting free from tax evasion. Along with the prevention of black marketing, unjust marketing practices etc. However, it also helps people with creating trust and authority among the people. MRP is one of many concepts. Helping the fair and just running of the trading world.


The concept of MRP opens the profit-making edge of marketing. Helping businesses to make thousands and lakhs of profits. Setting up the maximum retail price of a particular product. Can help them scale their business up. It may be done by initial sacrifices. Selling the same product at a lesser price from the competitor's. Helps them to win the game. Getting more potential and trusted customers. Consequently, helps them earning their name in the ongoing market. Moreover, knowing the full form of MRP Rs is worth it.


Con of the concept of MRP:


The concept of MRP has its pros. But it also has a small con. As it fixes the retail price of a product. There is no chance to get the product at a price less than that. So, it may create some serious trouble for the needy and poor. In case they are products of necessity. It is quite difficult to have, even a bit out of them.



























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