Business

400 cos given permission to import 17 lakh tonnes of rice


Published : 30 Aug 2021 08:18 PM | Updated : 30 Aug 2021 11:49 PM

To keep the country’s rice market stable, the government has given opportunity to 415 private companies to import rice.

With a certain condition to market the entire imported rice in the country by September 25, they are given permission to do so. 

Allotted companies will import 16.93 tonnes of rice. On the last day of submitting  On the last day of getting permission to import rice at reduced tariff rate, the food ministry has given permission to 79 companies to import another 1.1 lakh tonnes of rice.

On Monday (August 30), a letter was sent from the Ministry of Food to the Secretary of the Ministry of Commerce allocating for imports in favor of these institutions/ individuals.

Earlier, on August 17, 41 companies were given permission to import 4.10 lakh tones of rice, on August 18, 69 companies were given permission for 4.18 lakh tonnes, on August 21, 91 companies were given 3.91 tonnes and on August 22, 22000 tones of rice import permission were given to 73 individuals and companies. 

Under the terms and conditions of rice import, imported rice can have a maximum of 5 percent broken grains. The LC (Letter of Credit-Debt) has to be opened within 15 days of the issuance of the allotment order and the relevant information (including the Bill of Entry) has to be notified to the Ministry of Food immediately by e-mail.

Allotted importers will have to market the entire rice in Bangladesh by September 25. Additional Import Permit cannot be issued. Imported rice cannot be re-packaged in the name of the proprietor. In addition, if anyone fails to open the LC within the stipulated time, the allotment will be canceled.

On August 12, the National Board of Revenue (NBR) issued a notification to reduce rice import duty to keep the rice market stable. The NBR has reduced the import duty on rice from 62.5 percent to 25 percent. This facility will remain in force till October 30.

It is to be noted that imported rice has already started coming to Bangladesh through land ports. Rice prices have also started falling in the wholesale and retail markets.