Subscribe to Live Law now and get unlimited access. "Since stock limits are being removed, a large number of corporate investors will hoard stock when prices are low," a member said. The Centre can include new commodities as and when the need arises, and take them off the list once the situation improves. Under the amended EC Act, agri-food stuffs can only be regulated under extraordinary circumstances such as war, famine, extraordinary price rise, and natural calamity. For instance, the Union Government on 14 March 2020 brought masks and hand-sanitizers under the act to make sure that these products, key for preventing the spread of COVID-19 infection, are available to people at the right price and in the right quality during the COVID-19 pandemic in India.[4]. [8] These can only be regulated in the extraordinary circumstances previously mentioned, by imposing limits on the number of stocks of such items that can be held by persons. essential commodities Hindi meaning, translation, pronunciation, synonyms and example sentences are provided by Hindlish.com. The Union Cabinet has approved an ordinance to amend The Essential Commodities Act, 1955, to deregulate commodities such as cereals, pulses, oilseeds, edible oils, onion and potatoes. The Ordinance states that government regulation of stocks will be based on rising prices, and can only be imposed if there is a 100% increase in retail price (in the case of horticultural produce) and a 50% increase in retail price (in the case of non-perishable agricultural food items). In fact, India has now become an exporter of several agricultural products. The Essential Commodities Act is an act of Parliament of India which was established to ensure the delivery of certain commodities or products, the supply of which if obstructed owing to hoarding or blackmarketing would affect the normal life of the people. The move is expected to attract private investment in the value chain of these commodities. It will also deregulate agriculture produce such as pulses, onion, potato and cereals, edible oils and oilseeds, with aim of better price realization for farmers. Govt has removed Masks & Hand-Sanitisers from Essential Commodity List from the 1st of July. 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What land laws have been changed in J&K, what do govt and parties say? Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies. Click here to join our channel (@ieexplained) and stay updated with the latest. The ordinance, once assented by the President of India and notified in the gazette, will become law. The Act gives powers to the central government to add or remove a commodity in the “Schedule.” The Centre, if it is satisfied that it is necessary to do so in public interest, can notify an item as essential, in consultation with state governments. 90% effective, what next for Pfizer’s Covid-19 vaccine? Additionally, the government can also fix the maximum retail price (MRP) of any packaged product that it declares an “essential commodity”. The Lok Sabha on Tuesday passed the Essential Commodities (Amendment) Bill, 2020 by voice vote, to replace its corresponding Ordinance, which was promulgated in in June this year. With these developments, the EC Act has become anachronistic. Parliament of India; Long title. The ECA was enacted in 1955. India's Covid-19 active cases fall below 5 lakh, half of country’s peak. * The moderation of comments is automated and not cleared manually by, Copyright © 2020 The Indian Express [P] Ltd. All Rights Reserved. While the purpose of the Act was originally to protect the interests of consumers by checking illegal trade practices such as hoarding, it has now become detrimental for investment in the agriculture sector in general, and in post-harvesting activities in particular. This includes foodstuff, drugs, fuel (petroleum products) etc. A stock limit may be imposed only if there is: The increase will be calculated over the price prevailing immediately preceding twelve months, or the average retail price of the last five years, whichever is lower. Similarly, you can find the six digit HS Codes from the below section. The States act on this notification to specify limits and take steps to ensure that these are adhered to. [10] The Rajya Sabha passed it on 22 September 2020. Marathi essay writing competition essay on reality shows good or bad Essay on of price essential commodities rise good essay about soccer writing essays about literature by katherine acheson research paper topics related to caffeine. Section 2(A) of the act states that an “essential commodity” means a commodity specified in the “Schedule” of this Act. This improves supplies and brings down prices. He highlighted that whereas the mother Act empowers Govt to issue directions to ensure 'equitable distribution' & 'maintenance fair prices', the Bill restricts power to 'extraordinary circumstances' alone. Annual Report 2005 - 2006, Chapter IV, 'Essential Commodities Act 1955, "Masks, sanitizers put under Essential Commodities Act", "Centre To Amend Essential Commodities Act; Deregulate Pulses, Onion", "Explained | Amendments to Essential Commodities Act", "Essential Commodities (Amendment) Ordinance", "Cabinet amends Essential Commodities Act, approves ordinance to ease barrier-free trade", track/essential-commodities-amendment-ordinance-2020 "The Essential Commodities (Amendment) Ordinance, 2020", https://m.economictimes.com/news/politics-and-nation/lok-sabha-clears-bill-to-amend-essential-commodities-act/articleshow/78131275.cms, https://en.wikipedia.org/w/index.php?title=Essential_Commodities_Act&oldid=985654348, Creative Commons Attribution-ShareAlike License, Essential Commodities (Amendment) Act, 2020, This page was last edited on 27 October 2020, at 04:28.

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