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GOVERNMENT TO AMEND ESSENTIAL COMMODITIES ACT

Why in news?

The Centre will amend the Essential Commodities Act to provide for notifying stock limits for a retailer or wholesaler only if retail prices increase abnormally — by 100% in case of perishable items like onion, potato and tomato and 50% in the case of non-perishable essential commodities.

The Centre will shortly bring in an ordinance to effect the changes.

Details

  • The EC Act is used by the government to put a cap on prices and specify stock limits for essential items. The government has worked out a formula for taking a decision to impose stock limits.
  • The current price of an essential commodity will be compared with the average price of the same item for past one year and past five years, whichever is lower.
  • If the prevailing retail price of a perishable item is more than double of the lowest average price, the stock limit norm can be imposed.
  • After the amendment, agriculture food items including cereals, edible oils, oilseeds, pulses, onion and potato will be deregulated.

Click Here to Read More about Essential Commodities Act, 1955

-Source: Times of India

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September 2022
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