The Essential Commodity (Amendment) Bill approved in favor of ‘Farmers’ and ‘Consumers’ by Parliament

Team SoOLEGAL 23 Sep 2020 4:22pm

The Essential Commodity (Amendment) Bill approved in favor of ‘Farmers’ and ‘Consumers’ by Parliament

The Essential Commodity (Amendment) Bill passed by Lok Sabha on September 15, was approved by voice vote in Rajya Sabha on Tuesday (Sep, 22). Replacing an edict promulgated in June. Minister of State for Consumer Affairs, Food and Public Distribution Danve Raosaheb Dadarao said “The stock limit conditions imposed through the law were hindering investment in the agriculture infrastructure”.

Thus, Amended Bill sought dismissal of fear of regulatory excessive interference amongst private investors. Amendments limits the power of Central Govt. to regulate production, supply, distribution, trade and commerce for securing ‘Equitable Distribution’ and ‘Availability at Fair Prices’ to the extraordinary situations of War, Famine, Extraordinary price rise, Natural calamity of grave nature only.

However, Bill further provides imposition of the stock limit only when there is 100% increase in retail price of horticulture or 50% increase in retail price of non-perishable agricultural food items, calculated over the average of past five year’s price or the price prevailed immediately preceding twelve months, whichever is low.

Tagged: Farmers   Consumers   Essential Commodity bill   Lok Sabha   Rajya Sabha   Consumer Affairs   Parliament  
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