Fines charged for arbitrary price hike of essential items increased

These amendments are expected to allow necessary action to be taken against individuals and companies who deliberately increase the prices of essential items and sell the goods above controlled prices.

As per the provisions of the CAA Act, the fines are categorized as individual businesses and companies.

Accordingly, the maximum fine charged from an individual business for a first-time offence has been increased from Rs. 10,000 to Rs. 500,000.

Individual businesses will be fined a maximum of Rs. 1 million for a subsequent offence. This amount previously stood at Rs. 20,000.

Meanwhile, the maximum fine for a company for a first-time offence has been raised from Rs. 100,000 to Rs. 5 million.

The maximum fine imposed on companies for a subsequent offence has been increased from Rs. 200,000 Rs. 10 million.

More details on amended minimum and maximum fines imposed in individual businesses and companies are as follows:

 Fines (current)   Fines (amended) 
 Individual businesses   First-time offence  Minimum  Rs. 1,000  Rs. 100,000
 Maximum  Rs. 10,000  Rs. 500,000
 Second-time offence  Minimum  Rs. 2,000  Rs. 200,000
 Maximum  Rs. 20,000  Rs. 1 million
 Companies  First-time offence  Minimum  Rs. 10,000  Rs. 500,000
 Maximum  Rs. 100,000  Rs. 5 million
 Second-time offence  Minimum  Rs. 20,000  Rs. 1 million
 Maximum  Rs. 200,000  Rs. 10 million

 

Amendments to Fines Charged… by Adaderana 

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