Definition 1 of 1
Mostly found in cities and small towns in 'new India'. These stores are imitation versions of the Dollar Store business model in North America, where all items are uniformly priced at 1 (one) dollar. These stores are hugely popular among Indian expats in the US (students as well as the younger techies) and have naturally caught the fancy of trendy Indian businessmen.
So Indians previously settled in the US returned to India introducing their own versions of American business concepts. The Dollar Store is one of them. The exchange rate for the Indian rupee to the dollar stayed around the higher 40s for many years through the 80s and 90s. That explains the idea of uniform pricing at Rs. 49.
Why some items are sold at Rs.99 remains a mystery.