None will be spared for illegally storing paddy beyond capacity: Food minister to corporate groups

Food Minister Sadhan Chandra Majumder has warned corporate groups not to stock paddy beyond their storage capacity.

"No one will be spared if they are found to be storing [paddy] beyond their capacity," the minister told officials of six corporate groups in a meeting in his office at the secretariat today (22 January). 

He also told the big companies to refrain from competing in paddy purchase.

"I had a meeting with the millers and they said that the corporate groups are competing among themselves in buying and stocking paddy. There was no need for a meeting if the corporate groups did not trade in coarse rice.

"The millers point the finger at you. The media also blames you. We want to know the real picture," the minister told the corporate officials.

Sadhan Chandra said corporate organisations sell products after adding the VAT. As a result, consumers are forced to buy paddy from them at a higher price. This ultimately results in others selling the product at a higher price too.

"This is ominous for the market," said the minister.

He said that rice is available in the market under different brand names, on which the maximum retail price is written.

"We want the millgate price of paddy to be written on the packets as well. Retailers cannot raise prices suddenly or unreasonably if millgate prices are written on sacks," he said.

Also speaking on the occasion, Food Secretary Ismail Hossain said regular monitoring is being carried out to see if anyone is competing in buying paddy or rice in the market or are illegally stockpiling.

"If someone tries to store beyond the capacity, we will review their storage capacity if necessary," he said.

Representatives of City Group, Square, Pran RFL, Meghna Group, ACI and Akiz Essential participated in the meeting.

They agreed to write the millgate price on the sack. The institutions presented their capacity and buying and selling figures and assured full cooperation.