Anti-Hoarding Ordinance: No action against those who declare their stocks: minister

Punjab Minister for Industries and Trade Mian Aslam Iqbal said on Saturday that business community should not panic on Anti-Hoarding Ordinance. "No action would be taken against one who declares his stock and necessary details to the authority concerned," the minister said while speaking at the Lahore Chamber of Commerce & Industry.

LCCI President Irfan Iqbal Sheikh, Vice President Mian Zahid Jawaid Ahmad, former President Almas Hyder, former Senior Vice President Amjad Ali Jawa, executive committee members and trade and industry representatives also spoke on the occasion.

Mian Aslam Iqbal said that business community is backbone of the economy and the government is taking all possible measures to ensure business friendly atmosphere. Under the Ordinance, the dealer would have to give information regarding production of items, imports, exports, purchase, stock and other related details, he said, adding: "The Punjab government has already completed mapping of the stocks in the province and has record of 99 percent of things."

The minister said that dealing with the coronavirus and keeping the wheel of the economy running is a challenge. He said that less risk-prone industry had been opened and decision regarding opening up of business activities in Ramazan-ul-Mubarak would be made in couple of days.

LCCI President Irfan Iqbal Sheikh said that no action should be taken against those businessmen who declare their stocks and other details. He said that there is a minor difference between stock and hoarding, therefore, the government should define the difference clearly to stop misuse of recently promulgated ordinance.

He said that being the premier business body of the country, the LCCI has always taken a strict stance against hoarding practices as the same led to unnecessary shortages, especially of essential commodities and price hike.