- The Essential Commodities Act, 1955 regulates the production, supply, distribution, trade, and commerce of essential commodities. - The Act aims to control prices, prevent hoarding, and ensure the availability of essential goods. - The government can add or remove commodities from the list of essential commodities. - The Essential Commodities (Amendment) Act, 2020 aimed to liberalize the regulatory framework for certain agricultural commodities under normal circumstances.
Which of the following statements are correct regarding the Essential Commodities Act? 1. The Essential Commodities Act was first passed in 1955 and then government passed Essential Commodities (Amendment) Act 2020. 2. In March 2020, the Union Government brought masks and hand sanitizers under this Act. 3. The purpose of this Act is to check hoarding and black marketing. 4. Under this Act, the government can also fix Maximum Retail Price (MRP) of any packed product that it declares as essential commodity.
Asked in GPSC Prelims CSP 2 2022 · Topic: The Parliamentary Act (Legislative Procedures (Ordinary, Money, Financial, Constitutional Amendment Bills))
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