News
Action against traders who do not reduce prices
View(s):The Government is to take counter measures to prevent companies from making ‘super profits’ by failing to pass on the benefits of paying less for imported items with the fluctuation of currency rates, a senior Finance Ministry official said.
The Finance Ministry has appointed a review committee to ascertain how companies were making extra profits, though they were now spending less for raw material and items directly imported and sold.
The review committee is due to submit a report to President Ranil Wickremesinghe on the current prices and the possible price reduction of items which could be passed on to the customers.
The companies would be given a short time frame to adjust prices, failing which the government would lift import restrictions on items enabling more imports into the country forcing traders to reduce prices, the official said.
Restrictions on some of the items would be fully lifted while others would be given a time frame to import.
A meeting was held recently with the traders requesting them to pass on the benefit of the rupee appreciating against the US dollar, but the response has been poor.
Among the items of which prices are yet to be reduced are school items, shoes, bags, food items, stationery, electrical items, hardware items and clothing.
The best way to say that you found the home of your dreams is by finding it on Hitad.lk. We have listings for apartments for sale or rent in Sri Lanka, no matter what locale you're looking for! Whether you live in Colombo, Galle, Kandy, Matara, Jaffna and more - we've got them all!