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LC opening timeframe for rice import by private sector extended till Jan 31

Updated on : 27-01-2021


LC opening timeframe for rice import by private sector extended till Jan 31

The government has extended the timeframe for LC opening for importing rice by the allotted institutions or firms in the private sector till January 31 this year.

The Ministry of Food has recommended the Ministry of Commerce to provide necessary permission for importing a total of 10,14,500 metric tons of rice by some 320 private importers or institutions, said a PID handout today.

It said the allotted firms have been asked to inform the Food Ministry after opening LCs within seven days of receiving the allotment letters. The businessmen who are supposed to import 5,000 metric tons of rice would have to import 50 percent of rice within 10 days of LC opening while the entire rice within 20 days.

On the other hand, the businessmen who are supposed to import 10,000-15,000 metric tons of rice would have to import 50 percent rice within 15 days of LC opening while the remaining rice within 30 days and thus marketing the imported rice in the country, according to the office order of the Ministry of Food.

The government has reduced the duty to 25 percent from 62.50 percent for importing rice by the private sector to rein in the trend of high market price of food grains, supporting the low-income group people and thus keeping the market price stable.

In continuation of this, all legal importers were asked on December 27 last year to apply to the Ministry of Food with necessary documents by January 10 this year to import rice.

Source : DHAKA, Jan 23, 2021 (BSS)



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