LAHORE -Lahore Chamber of Commerce & Industry (LCCI) has urged the government to define difference between stock and hoarding in order to stop the misuse of recently promulgated ordinance regarding hoarding.
In a statement issued after having meetings with the traders of Akbari Mandi and other markets here on Friday, LCCI President Irfan Iqbal Sheikh, Senior Vice President Ali Hussam Asghar and Vice President Mian Zahid Jawaid Ahmad said that recently issued ordinance had created unrest among the business community as there was no clear definition of hoarding.
They said that business community was expecting that the government would take them on board and would have consultation with the trade bodies for necessary rectification.
They said that being the premier business body of the country, the LCCI had always taken a strict stance against the hoarding practices as they result in unnecessary shortages, especially of essential commodities and sudden price hikes. The LCCI welcomed the government’s decision of introducing an Ordinance against illegal profiteering and hoarding but it should not be used as negative tactics against the business community.
They were of the view that measures must be taken to ensure that the Ordinance was not misused by the authorities concerned as sugar, flour, salt, pulses industries would have to keep stock at factories, dealers, whole-sellers and shopkeepers for their smooth business operations and supply chain.