Federal Minister for Law and Justice Barrister Farogh Naseem on Sunday reiterated 'exemplary punishment' for anyone involved in hoarding of essential commodities saying the federal government is introducing an ordinance to take on the hoarders and profiteers.

"Those involved in this practice (hoarding) will have to face severe consequences. There shall be zero tolerance for the hoarders. No one would be allowed to take advantage of their position and exploit the public," the minister said addressing a press conference.

The new ordinance, he said, envisages stringent punishments including the award of three-year sentence, imposition of heavy fine up to 50 per cent, speedy and summary trials as well as complete confiscation of the hoarded items against anyone involved in hoarding. The strict measures have been imposed to prevent the hoarding of the essential items such as ghee/cooking oil, flour, sugar, wheat as well as equipment used to prevent COVID-19 like hand sanitizers, hand gloves, face masks and related items, Farogh Naseem said.

"The ordinance, he said has been sent to Prime Minister Imran Khan for his consideration. "Presently, it is being reviewed by the Prime Minister's Office and is in the process of getting vetted. The ordinance would come into effect soon," he said.

The federal government, he said, would also introduce an anti-smuggling ordinance to stop the smuggling of foreign currencies, wheat, sugar and medicines.

"The noose is being tightened around anyone found involved in the smuggling of essential items, foreign currencies and of course the hoarders. Through an effective system of checks and balances, we will eradicate the vices like smuggling and hoarding," Naseem said.

Moreover, a law to ensure effective oversight on the industrial sector is also being formulated, the law minister said adding that the related legislation would help streamline the affairs of the industrial sector.

In his televised address to the nation earlier on Saturday, PM Imran Khan had warned the hoarders to mend their ways ahead of the Islamic month of Ramazan.

"As Ramazan is approaching...... I warn you, if you resort to hoarding, we would deal with you very strictly, we shall be very unsparing," the PM said in a warning shot issued to hoarders.

"We will not go after the managers (involved in hoarding). We will go after the owners and take them on," he said while announcing that an ordinance would soon be introduced against hoarding.