Select Your Location
The Government amended the Essential Commodities Act in September 2020. This amendment replaces the Essential Commodities Ordinance, 2020 (EC Ordinance) which was brought out in June 2020. The EC ordinance was brought out with a view of making some changes in the Essential Commodities Act, 1955. The amendment in September 2020 has repealed the EC ordinance which was brought out in June. This write up will look into the key features of the amendment.
Table of Contents
As per the dictionary meaning, an essential commodity is a requirement for the sustenance of any form of a living being. This can be general food grains and other forms of supplements which form a part of the livelihood of individuals.
Under the Essential Commodities Act, 1955, there is no specific definition given to Essential Commodity. However, section 2(A) of the Act defines an essential commodity as “any form of item which is included under the list of the Schedule which is specified under the Act”. This is just a general meaning of the term essential commodity.
From the above definition, the government has the power to increase or decrease the list of essential commodities under this Act.
Through the Act, the government has included the following items under the list of essential commodities:
The above list is all the forms of essential commodities. Face Masks and Sanitizers were included in the list from 13 March 2020, as a result of the devastating effects of the Covid-19 Pandemic.
As per the above list, the government will have the power to control and regulate the supply of all the items. Control means, the government will also have the power to add or negate any items in the list of EC.
The September amendment in the EC bill brought out major changes to the essential commodities act. It repealed the Essential Commodities Ordinance 2020 which was brought on in June. There are different views about the changes brought out by the amendment.
There are different features brought about as a result of the amendment.
The amendment brought out the following features:
Many commentators specify that this amendment would be good in the long run.
The following benefits would be achieved through this amendment:
While there were many hailing from this amendment, there is also widespread criticism regarding this amendment.
The following criticisms were brought against this amendment:
Varun Hariharan has completed the Legal Practice Course from BPP Law School, Manchester. He has a Masters in Commercial and Corporate Law from the Queen Mary University of London and LLB Honours from Bangor University, UK. He specialises in law related to corporate, artificial intelligence and technology law.
Black money has been the subject of heated political debate in India for a long time. Successiv...
The Apex Court pronounced a judgement in the case titled Tata Motors Vs The Brihan Mumbai Elect...
Since economies are moving towards digitalisation and making it feasible to conduct transaction...
The Alternative Investment Funds (AIFs) Pro-rata and Pari-Passu Rights Proposal Consultation Pa...
The Financial Action Task Force, i.e. FATF (the Force), is the global money laundering and terr...
Advance tax refers to the payment of the tax liability before the end of the relevant financia...
On 11.12.15, the Hon’ble Delhi High Court (HC) pronounced a landmark judgement in the case ti...
Money laundering can be defined as the process of illegal concealment of the origin of money ob...
Every assessee in India is obligated to file an income tax return and make the timely payment o...
In the recent past, India has seen burgeoning demand for internet and smartphones. The rapid ri...
Are you human?: 4 + 9 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
The purpose of the GST regime is to benefit both the buyer and the seller and make compliance easier for businesses...
01 Jan, 2020
India’s Finance Minister presented the Budget for the Financial Year 2021 – 22 in the Lok Sabha on 1st February...
22 Apr, 2021
Red Herring Top 100 Asia enlists outstanding entrepreneurs and promising companies. It selects the award winners from approximately 2000 privately financed companies each year in the Asia. Since 1996, Red Herring has kept tabs on these up-and-comers. Red Herring editors were among the first to recognize that companies such as Google, Facebook, Kakao, Alibaba, Twitter, Rakuten, Salesforce.com, Xiaomi and YouTube would change the way we live and work.
Researchers have found out that organization using new technologies in their accounting and tax have better productivity as compared to those using the traditional methods. Complying with the recent technological trends in the accounting industry, Enterslice was formed to focus on the emerging start up companies and bring innovation in their traditional Chartered Accountants & Legal profession services, disrupt traditional Chartered Accountants practice mechanism & Lawyers.
Stay updated with all the latest legal updates. Just enter your email address and subscribe for free!
Chat on Whatsapp
Hey I'm Suman. Let's Talk!