CCP announces reward for exposing manipulators of markets
The government organization responsible for enforcing economic competition rules, the Competition Commission of Pakistan (CCP), announced Monday that it would compensate individuals who revealed cartels engaged in market manipulation with monetary prizes.
The development takes place before the holy month of Ramadan, when people hoard necessities and inflate local prices in an attempt to benefit unfairly.
The artificial increase in prices of goods and services in Pakistan, and a lack of quality goods is largely the result of business cartelization in the markets, according to the CCP.
Cartels are created when suppliers in a market band together or make contracts to control the supply and set pricing for products and services, which is against the law.
“Anyone who knows that a business association or product suppliers have banded together to control supply or fix prices is encouraged to notify the CCP right away,” the watchdog stated.
“Those who provide information and evidence regarding such illegal cartels will be rewarded with amounts ranging from Rs200,000 ($714) to Rs2,000,000 ($7,146). It is important to note that the identity of the informant will remain confidential.”
People can reach the CCP through WhatsApp number 0304-0875255 or its website www.cc.gov.pk to report any cartelization in the country.
It stated, “You will be rewarded and honored as a national hero if your information is confirmed.”
According to the CCP, the program would not only offer a legal path but also motivate the public to contribute to safeguarding the nation’s economy and their economic rights. Its goal is to stimulate public involvement in the eradication of unlawful business practices.
According to the watchdog, it is crucial that all market providers compete with one another by providing better services and products at better rates rather than banding together to regulate pricing in order to guarantee that customers receive higher-quality goods and services at fair costs.