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PARLIAMENT PASSES LAW IMPOSING HIGHER FINES FOR STOCKPILING!

Turkey’s parliament has approved a legislation that is designed to prevent stockpiling by imposing higher fines for such activities at a time when consumer prices are rising.

As part of the legislation an article in the law regulating retail trade was amended to introduce higher fines for producers, suppliers and retailers that engage in practices causing shortage, disrupting the working of the markets and distorting free competition.

The law approved by parliament increased the fines for stockpiling.

Under the new legislation, the lower and upper limits of the fines were increased to 100,000 Turkish Liras (around $7,300) and 2 million liras ($146,000), respectively, from 50,000 liras and 500,000 liras.

www.hurriyetdailynews.com

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About İsmail Uğural

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