Full Form of MRP
What is full form of MRP?
Maximum Retail Price (MRP) of a product is the price which the manufacturer recommends that the retailer sell the product.
A maximum retail price (MRP) is a manufacturer calculated price that is the highest price that can be charged for a product sold in India and Bangladesh. However, retailers may choose to sell products for less than the MRP. MRP differs from systems using a recommended retail price because in those systems the price calculated by the manufacturer is only a recommendation, not enforceable by law.
All retail products in India must be marked with MRP. Shops cannot charge customers over the MRP. Some shops may charge slightly below MRP to draw more customers to their stores. In some remote areas, tourist spots, and in situations where a product is difficult to obtain, consumers are often charged illegally over the MRP.
In April 2015, it was reported that milk vendors in Mumbai were threatening a boycott after it was discovered they had been charging above MRP and the Maharashtra state government threatened to intervene.