ISLAMABAD: President Dr Arif Alvi, on Monday, gave his assent to “the Price Control and Prevention of Profiteering and Hoarding (Amendment) Bill, 2023.”
The purpose of the amendment bill is to amend the Price Control and Prevention of Profiteering and Hoarding Act, 1977.
The government bill was passed by the National Assembly on August 7, 2023, while the Senate passed it on August 9, 2023.
The Parliament passed the bill one month ago.
The president has to sign the bill into law within nine days. This indicates that the president received this bill any time between 2 to 11 September. The president approved the bill under Article 75 of the Constitution.
According to objects and reason of the bill, “the purpose to bring this Amendment in Act of 1977 is: to insert the Section 6-A of the Price Control and Prevention of Profiteering and Hoarding Act, 1977 which empower the Control General of Price and Supplies to fix specific maximum prices of essential commodities.
In case any producer, dealer or importer is aggrieved by an order of the Control General, there is no appellate forum provided in the aforementioned Act. Therefore, to address the grievances of the producer, dealer or importer and to streamline the appeal process, an appellate forum is required to be provided in the said Act.“
Copyright Business Recorder, 2023