Corona Virus: GoI brings hand sanitizers and masks under Essential Commodities Act
The Government of India recently brought hand sanitizers and masks under Essential Commodities Act. Till 30th June, 2020, these products are to remain under Essential Commodities Act. The GoI has brought these commodities under the act by amending Schedule of Essential Commodities Act, 1955.
Essential Commodities Act
According to the act, an essential commodity is a commodity that is specified under the Schedule of the act. The act empowers GoI to add or remove new commodities as when needed. So far items such as pulses, cereals, drugs, fertilizers, petroleum, edible oil, certain crops and petroleum products were included under essential commodities schedule. The act also prevents stocking of essential commodities. The State Governments have no rights add commodities to the list. However, they are empowered to conduct raids.
Significance
When the products are listed as essential products, their prices and supply shall be intervened by the government. By doing so, profiteering of the products during their high demand is prevented.
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Month: Current Affairs - March, 2020