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| Sunday, 18 January 2004 |
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| News Business Features Editorial
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Measures to protect consumers Printing the maximum retail price and expiry date of every single essential commodity on the product packaging will be made compulsory by the Government in a bid to eliminate the exploitation of consumers by traders. Minister of Commerce and Consumer Affairs Ravi Karunanayake said there is no control of prices specially on essential items not only in ordinary retail outlets, but also in supermarkets. "Our main objective is to control the cost of living in the country," Minister Karunanayake said. He said more than 60 essential food items will come under this ruling, which will be gazetted in the near future. The Minister, citing an example of a leading supermarket in town, said this particular supermarket had sold certain essential items such as milk powder at more than 10 per cent of the retail price. "Every essential item should carry the maximum retail price and expiry date," the Minister reiterated. He said that prices of eight essential items have gone up due to the increase of the Value Added Tax in the recent budget. A special committee has been appointed by the Government to look into this matter to control the prices of these items. The report of this committee will be released on Tuesday. Karunanayake said that another committee has been appointed to find ways and means for banks to be kept open until 5.30pm. Currently banks close at 3.30pm, he added. He said the banking sector contributes a considerable proportion to the country's GDP. Therefore, if banks work one hour beyond their stipulated time, it will increase the GDP by 0.2 per cent, he added. (HS) |
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