Wednesday Nov 06, 2024
FT
Wednesday Nov 06, 2024
Wednesday, 22 September 2021 00:45 - - {{hitsCtrl.values.hits}}
 |
| State Minister of Consumer Protection Lasantha Alagiyawanna
|
The section of the proposed amendments to Consumer Affairs Authority Act No. 09 of 2003, to increase fines for the sale of goods above the maximum retail price (MRP), will be taken up for debate today (22).
“We will today debate and get it passed in Parliament,” State Minister of Consumer Protection Lasantha Alagiyawanna said.
As per the provisions of the Act, the fines are categorised 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.
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 to Rs. 10 million.
The Cabinet of Ministers approved amendments to the Consumer Affairs Authority Act No. 09 of 2003 with several legal provisions aimed at increasing fines and jail terms against errant traders to reflect the present-day requirements to protect consumers.
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 goods above the MRP stipulated by the Government.
Alagiyawanna said he hopes to implement the new fines from next month. (CdeS)
