Duties and taxes on rice imports have been reduced to 25%
The Ministry of Food has so far permitted 71 private companies to import 400,000 tons of rice after sorting the applications received till August 18.
It has also sent a letter to the Ministry of Commerce seeking allocation in favor of the 71 applicants.
Of these imports, some 362,000 tons is boiled non-basmati rice and 56,000 tons is Aatop rice, reports Bangla Tribune.
The government aims to stabilize the price of rice in the market with this approach.
This opportunity is valid till October 30 for all entities, but the application deadline is August 25.
According to sources at the Ministry of Food, the conditions for importing the rice state that the LC must be opened within 15 days of the order of allotment and the related information including the Bill of Entry must be submitted to the ministry via e-mail immediately.
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If the trader fails to open the LC within the specified date, the allotment will be canceled.
Moreover, the traders must market all the imported rice all over Bangladesh by September 25. Additional IP’s (import permits) of allotment cannot be issued.
The rice may have a maximum of 5% broken grains and must be sold in plastic sacks. It cannot be re-packed in the name of the proprietor.
Rice prices have been on high since early August, as Sharna rice is being sold at TK50-52 as compared to Tk48 in July. On the other hand, BR-28, which was sold at Tk50-52 in July, has risen to Tk54-55 per kg.
Coarse rice varieties sold at Tk50 per kg recently. It was Tk46 last month showing an increase of 5.5% in a month and 14.12% more than last year.
On July 8, the Ministry of Food sent a letter to the National Revenue Board (NBR) requesting a reduction in import duties and taxes.
Following the request, the NBR issued a notification to reduce the import duty on rice from 72.5% to 25%.
Earlier, the import duty was reduced to 25% in December last year and expired in April.