Tough action against rice hoarders

Sri Lanka
COLOMBO: The artificial rice shortage created by blackmarketeers is expected to be completely eased with the releasing of sufficient rice stocks stored at Co-operatives and the arrival of 50,000 MT of Rangoon Kekulu from Myanmar in next week.

Trade, Marketing Development, Co-operatives and Consumer Services and Minister Bandula Gunawardhana told the Daily News that stern action is being taken against traders hoarding rice and selling rice at higher prices. The Government on Friday stipulated maximum prices for several varieties of rice.

Many shops were closed last week due to the Sinhala and Hindu New Year holidays but several errant traders were engaged in creating an unnecessary rice shortage by concealing rice stocks.

With the Government’s announcement of the maximum retail and wholesale prices for rice last Thursday, errant traders made an attempt to hoard rice stocks to sell them later at higher prices to earn more profits.

The Minister said the Consumer Affairs Authority (CAA) received over 100 complaints on rice hoarding and refusing to sell rice while stocks were available.

He said a number of traders and trade organisations including super markets have pledged to sell their rice stocks under the Government’s stipulated maximum retail and wholesale prices.

He said around 10,000 kg of paddy are being milled daily in the Government owned Paddy Store in Thalawa and sufficient stocks are released daily to the Markfed and Coopfed as a relief measure to consumers.

Co-operatives and Coop cities countrywide recorded a sales growth vis-a-vis rice during the festive season and sufficient rice stocks will be released to consumers under the Government’s stipulated maximum prices through Co-operatives and Coop-cities.

He said providing false information, failing to display the price, hiding rice to increase the price, refusing to sell rice while stocks are available are punishable offenses under the Consumer Affairs Authority Act.

Meanwhile, the Government is holding talks with Brunei and Indian Governments to import more rice to cater to the local rice demand.

Source