16 items under CNY price-control scheme

KUALA LUMPUR – The ceiling price scheme for Chinese New Year this year involves 16 items, and will be in effect from February 8 to 16.

Domestic Trade and Consumer Affairs Minister Datuk Seri Alexander Nanta Linggi told an online press conference today that the scheme is implemented under the Price Control and Anti-Profiteering Act 2011 and Control of Supplies Act 1961.

He said the ceiling price is decided based on market demand, with input from government agencies, such as the Agriculture Department, Veterinary Services Department and Federal Agricultural Marketing Authority, as well as suppliers, wholesalers, importers and producers.

“If there are businesses that try to raise prices without a good reason, and with the intention of profiteering, the ministry can act under the Price Control and Anti-Profiteering Act.

“Enforcement officers will be placed at public markets, farmers’ markets and shopping centres to inspect and monitor businesses.

“These are the steps that the government has taken to protect consumers from profiteering by unethical businessmen during the celebratory period.”

Individuals found guilty of selling the controlled items beyond the ceiling price face a fine of up to RM100,000, or a jail term of not more than three years, or both, or will be compounded up to RM50,000.

Companies found guilty face a fine of up to RM500,000 or a compound of RM250,000.

Individuals who fail to use the pink price tag for price-controlled items can be fined up to RM10,000 or issued a RM5,000 compound.

Companies found guilty of the same offence can be fined up to RM20,000 or issued a RM10,000 compound. – The Vibes, February 5, 2021