The Consumer Affairs Authority (CAA) says the law will be strictly enforced against traders who sell rice at rates higher than the stipulated maximum retail prices.
According to the CAA, a sole proprietorship will be fined Rs. 100,000 up to a maximum of Rs. 500,000 for engaging in such misconduct.
Meanwhile, a private company that sells rice higher than the maximum retail prices will be fined Rs. 500,000 up to a maximum of Rs. 5 million.
The CAA also noted that lawsuits would be filed before the court against such traders.
On May 02, the CAA gazetted maximum retail prices for three local varieties of rice. However, the new maximum retail prices were not applied to rice stocks released to the market at concessionary prices by the Paddy Marketing Board.
New maximum retail prices imposed on three local rice varieties are as follows:
White/Red Nadu (steamed/boiled) – Rs. 220 per kilogram
White/Read Samba (steamed/boiled) – Rs. 230 per kilogram
Keeri Samba – Rs. 260 per kilogram
