• Tuesday, Jan 18, 2022
  • Last Update : 02:32 am

No charge for rice import LC now

  • Published at 12:39 am June 20th, 2017
No charge for rice import LC now
The central bank has issued a directive on opening Letter of Credit (LC) for rice import with a zero balance in the importers’ accounts. The directive came on Monday in the form of a circular aimed at all managing directors and CEOs of commercial banks. The notice stated that due to recent flood in haor areas, heavy rainfall and natural disaster across the country, rice market turned unstable, shooting up the price of staple food. “In the circumstances, LC margin has been reduced to zero based on bankers-clients relations to facilitate rice import.” General Manager (Banking Regulations and Policy Department) of Bangladesh Bank said as per the BRPD circular issued on December 2, 2003, the LC margin ranged from 0 to 100, which has been replaced with the new margin that will remain effective till December 31 this year. The circular also asked all the banks to strictly follow the previously issued circular on advance loan payment by the rice traders. Rice millers as well as dealers had to pay their loan within 30 days after they took the credit. In another circular, the central bank also directed all commercial banks to provide money and relief for those affected by recent landslides in Chittagong Hill Tracts. The recent heavy rain in the regions caused the landslides, leaving over 100 people dead. The circular stressed that the banks give necessary support to the victims as part of their CSR activities and incorporate their expenditure into the subsections of social and community investment projects.
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