As the Commerce Commission assesses the retailers' costing on putting the price controlled basic food items on the supermarket shelves, the Commission Chairman Doctor Mahendra Reddy said there will not be much change in the Maximum Retail Prices earlier set.
Doctor Reddy said during their assessment of the costing submitted by the retailers so far, they have even seen actual costs on items lower than the current prices set by the commission.
He is confident that the prices are likely to stay within the maximum prices set.
Doctor Reddy revealed that there will be on the spot fines if the prices set are not followed.
The on the spot fine is $3,000.
If retailers continue to hoard products under price control or charge higher prices than the maximum prices set, then the maximum penalty through the courts is upto $50,000 and three years imprisonment.
Doctor Reddy also said members of the security forces will accompany the officials of the commission this Saturday.
He said the members of the Police force will be providing security to the commission officials.
Doctor Reddy stressed that the retailers have to follow the new Maximum Retail Prices set as the commission's decision cannot be challenged in the courts.
Meanwhile Doctor Reddy stressed that the Commission is not against business houses making profits.
However he said they have to be reasonable and follow the order under the decree.
He said the businesses need to follow the processes and forward their costing on items under price control if they say that they are selling items at below cost.
Doctor Reddy said the wholesalers and retailers were given four weeks to provide their costing for the basic food items however this did not eventuate.
He said the retailers only started coming forward from last Thursday when they knew that they had to follow the new Price control order from last Saturday.
He confirmed that a review of the prices earlier announced is currently underway and a further announcement will be made by tomorrow.
Story by: Vijay Narayan
Feature
Not many changes to earlier Maximum Retail Prices
