The local free market, more specifically the rice industry, will now be subject to increased state regulation in light of the Rice Factories (Amendment) Bill that was successfully piloted by Agriculture Minister Robert Persaud last evening in the National Assembly.When enacted the rice millers will have to pay 50 per cent of payments to farmers within two weeks of the delivery of paddy and will then have 42 days to complete payments.The amendment to the legislation now will ensure that the millers not owe any individual farmer a debt amounting to more than five percent of the value of paddy supplied unless approved by the board and will have its licence revoked.Persaud in his presentation to the House in petitioning for the acceptance of the Bill said that the role of government in regulating the free market has been a hot topic debate in recent time not only by government but economists as well.He stated that ever since 1994 the ice industry has been free of any state regulation but given the fact that it involves the largest group of stakeholders involved in any single crop.Persaud noted that the notion that an unregulated market is self regulated has now been thrown out the window drawing reference to the recent Wall Street meltdown which reverberated around the world casing a global financial meltdown.According to Persaud,Cheap Jerseys Free Shipping, the administration has an obligation to look out for the interests of the farmers and as such the regulations was necessary.The amendments to the Principal Act commenced in 1997 and according to Persaud these new regulations have come at a critical time given the global scenario as it relates to the commodity.He stated that the role of the government was to ensure that the best policies are pursued to ensure the competitiveness of the industry as well as its sustainabilityMinister Persaud said that for many years farmers have been complaining that they have to wait for ungodly lengths of time before they are paid for their produce some are even paid with post dated cheques while others are paid with bounce checks.Alliance for Change (AFC) Chairman Khemraj Ramjattan in his objection to the passage of the Bill called it draconian especially in light of the fact that there was no analysis done as to why the millers are sometimes unable to honour the commitments to farmers with shorter delays.He said that the Bill also seeks to criminalise millers while removing the provisions for contracts to be established between farmers and millers.Ramjattan also stated that the move could cause a monopoly with persons not having milling license to purchase the paddy and thus evade the bill.He stated,Authentic NFL Jerseys Wholesale, too,Jerseys NFL Wholesale China, that the Bill also removes the millers’ right to move to the courts to seek redress. The Opposition parliamentarian suggested to the Minister that the Government remove export commissions on rice as well as implement the several measures that the administration has been talking about for years that would alleviate the woes of farmers and millers.He spoke,Cheap NFL Jerseys China Wholesale, too,Wholesale Jerseys Free Shipping, of capital being made available to farmers as well as crop insurance, an issue that Persaud had alluded to in his presentation.Ramjattan also suggested that Bill will have dire social consequences society.