Advisers look into ordinance on consumers today
FE Report | Wednesday, 20 August 2008
The proposed Consumer Protection Ordinance-2008 is expected to be produced before the advisory council today (Wednesday) for approval, officials said.
They said the Ministry of Commerce has already sent the proposed ordinance, which will also specify hoarding definition, to the cabinet division.
"We have sent the proposed ordinance to the cabinet division for placing it before the advisory council. We have already missed a deadline," a senior official said.
Commerce Adviser Hossain Zillur Rahman in April announced a deadline after holding a high-level meeting with senior government officials and top business leaders at the Export Promotion Bureau in the capital saying: "We will complete all necessary work for the passage of the ordinance by June."
The caretaker government stepped up its efforts to formulate the consumer protection laws amid soaring prices of essentials, caused by a global spike and speculation and hoarding by a section of big traders in the country.
Officials said the proposed ordinance, if comes into force, will provide the government necessary weapons to rein in 'any abnormal price hike' in the market.
A senior law ministry official said: "We could not take any action because of lack of legal tools to combat those who were found responsible for market speculation and foul plays in past."
The proposed law that stipulates formation of a National Consumer Protection Rights Council to be headed by the commerce minister with representations from all the business bodies and relevant government agencies, will have branches at the district level, he added.
The commerce ministry official said: "It's true that in the open market economy the government can't interfere directly into prices, but there should have a regulatory body to monitor and punish culprits engaged in manipulation."
A guilty person can be penalised a maximum of three years in jail and Tk0.20 million in fines under the law. Hoarders and artificial price hikers would get the maximum punishment, the official said.
They said the Ministry of Commerce has already sent the proposed ordinance, which will also specify hoarding definition, to the cabinet division.
"We have sent the proposed ordinance to the cabinet division for placing it before the advisory council. We have already missed a deadline," a senior official said.
Commerce Adviser Hossain Zillur Rahman in April announced a deadline after holding a high-level meeting with senior government officials and top business leaders at the Export Promotion Bureau in the capital saying: "We will complete all necessary work for the passage of the ordinance by June."
The caretaker government stepped up its efforts to formulate the consumer protection laws amid soaring prices of essentials, caused by a global spike and speculation and hoarding by a section of big traders in the country.
Officials said the proposed ordinance, if comes into force, will provide the government necessary weapons to rein in 'any abnormal price hike' in the market.
A senior law ministry official said: "We could not take any action because of lack of legal tools to combat those who were found responsible for market speculation and foul plays in past."
The proposed law that stipulates formation of a National Consumer Protection Rights Council to be headed by the commerce minister with representations from all the business bodies and relevant government agencies, will have branches at the district level, he added.
The commerce ministry official said: "It's true that in the open market economy the government can't interfere directly into prices, but there should have a regulatory body to monitor and punish culprits engaged in manipulation."
A guilty person can be penalised a maximum of three years in jail and Tk0.20 million in fines under the law. Hoarders and artificial price hikers would get the maximum punishment, the official said.