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Q. Price gouging/prfiteering

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Anonymous

posted 2 years ago

Q.Price gouging/prfiteering
Dear Sir/Madam,
We plan to manufacture jewellery using additive manufacturing techniques in India(Bangalore and Mumbai), and sell them in Bangalore.The cost of manufacturing it would be around Rs 35000-40000.But we plan to do price gouging, and sell them for a whopping Rs 2 lakh.We have ABSOLUTELY NO problems in passing on the GST profits to the consumer, and we are NOT going to lie about anything.But we do plan to conceal our manufacturing costs from our prospective buyers.Is it legal to do all this ? Please tell me ONLY the legal implications and not the ethical implications.If it is illegal, is there any way out and also point out the exact sections of the IPC that this will come in the purview of.In other words, how to we properly implement this scheme so that we do not end up breaking the law in any way whatsoever ? Thank you.Hope to hear from a legal consultant soon.

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Deepak Yashwantrao Bade

Experience: 10 Year(s)

Responded 1 year ago

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A. ) dear client You can do it.but for any legal aspects assistance You must hire a lawyer to provide you indepth understanding of gems and jewellery sector and all the laws and regulations that govern them.

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Kishan Dutt Kalaskar Retired Judge

Experience: 34 Year(s)

Responded 1 year ago

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A. ) You can do it. There is no such law which prescribes or punishes.

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Abhimanyu Shandilya

Experience: 15 Year(s)

Responded 2 years ago

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A. ) India has a free economy and prices of goods and services are regulated mostly, automatically, by the market forces and the customers rather than the regulators, except for those products which directly under the control and regulated by the government like oil, gas, kerosene, etc. For example seller A can sell his product with a 10% margin and seller B can sell with 500% and these are their choices. It is upto the customer to either buy from seller A or B.
Unless you are playing in a sector where the government has set up rules at the profiteering like banking and financial services where you can not have too high rate of interest, you are free to do what you want to.
You must hire a lawyer to provide you indepth understanding of gems and jewellery sector and all the laws and regulations that govern them.

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