CNI News
2 July 2024
With the intention of causing economic chaos, rice traders, owners of rice mills, rice shops and shopping centers who were raising the prices of rice excessively in the domestic rice market were attested and taken action against, reported the State Administration Council (SAC) on the night of 30th June, 2024.
As it was reported that the prices of rice were being sold at exorbitant prices, security organizations checked 102 rice warehouses, 25 rice mills, seven shops, 58 rice and paddy entrepreneurs in Regions and States including Naypyidaw whether they were selling rice at reasonable prices that were monthly announced by the Myanmar Rice Federation.
After that, 27 rice and paddy entrepreneurs who sold rice at the price 10 percent more than that designated, and 24 rice and paddy entrepreneurs, at the price 11 to 20 percent more and seven rice entrepreneurs, at the prices 31 to 70 percent more were found.
Fine and additional taxes will be collected from 24 rice entrepreneurs who sold rice at 11 to 30 percent more than the set price.
The seven rice entrepreneurs who sold rice at 31 to 70 percent more that the set price would be taken action against under the Section-5 of the 2012 Important Goods and Services Act, stated the SAC.
The seven entrepreneurs are director of the Global Myanmar Trading U Lin Ko Ko Naing, owner of Yadanabon Rice Mill U Kyaw Zaw Lin, owner of Kanbawza rice trading business U Myint Swe, director of Theingi Rice Mill and Brokers' Sales Center U Lin Htut Naing, in charge of Sein Ngar Bwint Rice Shop U Thein Oo, owner of Thitsarshin Rice and Edible Oil Trading U Aung Tin and in charge of Thant Rice Shop U Win Zaw.
In the same way, 53 shopping centers and stores that sold ready-packaged rice bags of various weights at the higher prices than those monthly designated by the MRF were checked by the security organizations which found that a store sold the bags of rice at the price 20 percent higher than that designated, 30 shopping centers and stores that sold at 21 to 50 percent higher than that designated and 22 shopping centers that sold at 51 to 70 percent higher than that designated, announced the SAC.
Moreover, some shopping centers and stores unnecessarily added expenses for promotional activities and company employees to the selling prices, said in the statement.
So, 30 shopping centers and stores that sold rice at the price 21 to 50 percent higher than that designated would be fined and collected additional taxes. However, four responsible persons from 22 shopping centers that sold rice at the price 51 to 70 percent higher than that designated would be taken action against under the 2012 Important Goods and Service Act, stated the SAC.
The four persons are director of One Stop Mart U Myo Thant, the CEO of City Mart Holding U Phyo Min Kyaw, Managing Director of Sein Gay Har Trading U Maung Maung Win, and director of Aeon Orange Mr.Kasamatsu Hiroshi.
The SAC would continue to take action against those who sell rice at the prices higher than reasonable ones and the people could complain to the authorities if they found those who raised the price and sold rice, reported the SAC.
