Traders selling rice at higher prices will be fined Rs. 100,000, after the Cabinet of Ministers approved the move this week and made arrangements to produce the necessary amendments to Parliament as an emergency requirement.
In June, the Government decided to import 100,000 metric tons of rice, justifying the move as a temporary measure to address the exorbitant prices charged by traders and to protect consumers.
In the public interest and as a countermeasure aimed at controlling undue price hikes in the local market, the Trade Ministry decided to use the government-to-government (G2G) import scheme to purchase 100,000 metric tons of samba rice.
The Government also said there were sufficient funds for essential imports.