The State Council Amended The Regulations &Nbsp, And Intensified Efforts To Punish Price Violations.

China

The revised provision has increased the penalties for price violations through new additions.

If the new regulation is added as the fifth item, "if the operator violates the fourteenth provisions of the price law, colludes with each other and manipulates the market price, causing the commodity price to go up substantially, it shall be ordered to make corrections, confiscate the illegal gains, and impose a fine of not more than 5 times the illegal income. If there is no illegal income, it shall be fined not more than 100 thousand yuan or less than 1 million yuan, but the circumstances are heavier, and the fine of 1 million yuan or more is below 5 million yuan; if the circumstances are serious, it shall be ordered to suspend business for rectification, or the business administration authorities shall revoke the business license."

Push on

The revised regulations also raise the penalty amount for price violations.

For example, a fine of "50 thousand yuan or less than 500 thousand yuan" in the seventh article shall be revised to "a fine of less than 50 thousand yuan or less than 500 thousand yuan, and a fine of 500 thousand yuan or less below 2 million yuan".

In the eighth article, "a fine of more than 100 thousand yuan or less than 1 million yuan" is amended to be "a fine of not more than 100 thousand yuan or less than 1 million yuan, and the heavier case is a fine of 1 million yuan or less than 5 million yuan".

In the twelfth article, "a fine that can be below 50 thousand yuan" is amended to be "a fine of less than 100 thousand yuan".