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LCCI fears misuse of hoarding ordinance

LCCI fears misuse of hoarding ordinance

LAHORE: The Lahore Chamber of Commerce & Industry (LCCI)  has urged the government to define difference between stock and hoarding to stop misuse of recently promulgated ordinance regarding hoarding.

In a statement issued after having meetings with the traders of Akbari Mandi and other markets, the LCCI President Irfan Iqbal Sheikh, Senior Vice President Ali Hussam Asghar and Vice President Mian Zahid Jawaid Ahmad said that recently issued ordinance has created unrest amongst the business community as there is no clear definition of difference between stock and hoarding.

They said that business community was expecting that 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, 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.

LCCI welcomes 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.

“However, we are of the view that measures must be taken to ensure that this Ordinance is not misused by the concerned authorities 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”, the LCCI office-bearers added.