Question

If their bid is either the lowest or highest for a product they will win the product (and pay close to, but less than, the mrp for the product). will such a scheme be considered illegal under the lotteries regulation act

Answer 1

The Government of India issued an ordinance ('Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969') and nationalised the 14 largest commercial banks with effect from the midnight of 19 July 1969. These banks contained 85 percent of bank deposits in the country.