LAHORE      -            Minister for Industries and Trade Mian Aslam Iqbal has said that business community should not panic on anti hoarding ordinance.

No action would be taken against those who had shared details of stock with relevant authorities, he said while talking to business community at Lahore Chamber of Commerce & Industry. LCCI President Irfan Iqbal Sheikh, Vice President Mian Zahid Jawaid Ahmad, former President Almas Hyder, former SVP Amjad Ali Jawa, Executive Committee Members and trade & industry representatives attended the event.

Mian Aslam Iqbal said that business community was backbone of the economy and government was taking all possible measures to ensure business friendly atmosphere. He said that reservations of business community were genuine that would be addressed. He informed that an act regarding hoarding was already in place, however additional clauses had been incorporated in the new ordinance.  He said that in the light of the Ordinance, dealer would have to give information regarding production of items, imports, exports, purchase, stock and other related details. He said that purpose of this act was to protect the masses. Punjab government has already completed mapping of the stocks in Punjab and has record of 99 per cent things, he said, adding, keeping the economic wheel moving was a challenge while fighting the pandemic. He said that less risk industries had been opened and decision regarding allowing business activities in Ramazan would be made in coming one or two days.

Irfan Iqbal Sheikh said that no action should be taken against those businessmen who declare their stocks and other details.

He said that there was a minor difference between stock and hoarding therefore government should define the difference clearly to stop misuse of recently promulgated ordinance. He said that being the premier business body of the country, LCCI has always taken a strict stance against the hoarding practices as they result in unnecessary shortages, especially of essential commodities and sudden price hikes.

He said that industries, traders and dealers have to keep stocks for production and to continue the supply chain. He also called for devising SOPs.