If recent reports are to be believed, the very important MRP stamp on household products may soon become a thing of the past.

The global retailers find the practice of putting the price stamp on every individual product quite restrictive, and to ease the regulations, the government is considering to do away with the mandatory practice.

“Certain single brand retailers that want to invest in the Indian market say that getting an MRP stamp [that displays price of a particular product] on every item in the store is a cumbersome process,” a senior government official told Moneycontrol.

BCCL

In most countries, the MRP of the product is labelled on the product shelf, and not on the product itself.

The Legal Metrology Act in India, which is governed by the consumer affairs departments mentions that products sold via a single brand retail store must bear a price tag.

However, the process to do away with the MRP is quite cumbersome and may require legislative changes, including amendments in the law.

In the Union Budget 2017, Finance Minister Arun Jaitley declared that the government will abolish the Foreign Investment Promotion Board and replace it with a new system, in order to ease FDI rules.

Removing the mandatory MRP tags on products will help India in matching global standards and may attract more investments.