New Delhi: With the announcement of the central government banning e-cigarettes, there was a surge in the share of cigarette companies. Union Finance Minister Nirmala Sitharaman said that e-cigarettes are dangerous for the health of people and especially the youth. Therefore, the Union Cabinet has decided to ban e-cigarettes and related products. The Finance Minister was leading the Group of Ministers on this issue. After his decision, cigarette companies were battered.
Godfrey Phillips India shares rose 5.55 per cent, while Golden Tobacco shares gained 4.69 per cent. Similarly, shares of VST Industries gained 3.43 per cent. The shares of ITC saw an increase of 1.03 percent. The Union Cabinet on Wednesday approved the ordinance related to ban on e-cigarettes. With this, e-cigarette production, manufacturing, import / export, transport, sale, distribution, storage and advertising have been banned in the country. E-hookah has been banned.
Both smoking and selling e-cigarettes have come under the category of cognizable crime. For the first time, committing a crime can carry a one-year jail sentence or a fine of Rs 1 lakh or both. A habitual offense may carry a jail term of three years or a fine of five lakh rupees or both. In view of increasing addiction among youth, there has been a demand to ban it.
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