The Essential Products Act has the power to regulate stock and supply. Read here
The Essential Products Act has the power to regulate stock and supply.
What is the Essential Products Act?
According to the Essential Commodities Act 1955, if the central government is of the opinion that it is necessary to maintain or increase the supply of any essential product, to ensure their equitable distribution and availability at fair prices or to insure any essential product for the defense of India, it can provide for the regulation or the prohibition of the production, the supply and the distribution as well as the trade and the exchanges which take place there.
Essential Products Act
- Under the Essential Products Act, he can change supplies. It can do so by regulating by licenses, permits or the production or manufacture, storage, disposal, acquisition, consumption of any essential product
- The Essential Products Act regulates by controlling the price at which any essential product can be bought or sold.
- With regard to food grains, edible oilseeds or edible oils, the law on essential products may fix the quantity to be sold by producers according to the products of this zone.
Under this law, the central government may, from time to time, by general or special order, order any producer or importer or recognized exporter or concessionaire or any category of recognized producers or concessionaires to take measures concerning production, the maintenance of stocks, storage, sale, classification, packaging, marking, weighing, elimination, delivery and distribution of the goods in the manner specified in the law.
To learn more about the Essential Products Act, visit the official website.
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