Nepal Fines State-Owned Salt Trading Corporation Rs 300,000 for Sugar Stock Transparency Failure
The Department of Commerce, Supplies and Consumer Protection fined Salt Trading Corporation Rs 300,000 for violating the Consumer Protection Act 2018 by failing to disclose sugar stock details during a market inspection. The penalty comes amid complaints of artificial shortages and sugar prices reaching Rs 170 per kg.
KATHMANDU, Oct 1 — The Department of Commerce, Supplies and Consumer Protection (DoCSCP) has imposed a fine of Rs 300,000 on Salt Trading Corporation (STC) for market misconduct, according to an official announcement.
The state-owned enterprise was penalized for violating the Consumer Protection Act 2018. Specifically, STC failed to provide details of its sugar stock during a market inspection conducted by the regulator.
The DoCSCP expressed serious concern over the public enterprise's failure to maintain transparency in its stock records. This lack of disclosure comes amid mounting complaints of artificial shortages and rising sugar prices in the market.
A few weeks ago, the price of the essential commodity surged to as much as Rs 170 per kg, exacerbating concerns over supply chain transparency and consumer welfare.
In a related development, STC had previously received approval to import 30,000 tons of sugar to alleviate market pressures.
Separately, President Ramchandra Paudel, on the recommendation of the Council of Ministers, has prorogued the current session of both houses of the Federal Parliament effective from 12 midnight of October 2.