The Financial Express

15pc incentive on rice export until June 30

| Updated: January 31, 2020 14:35:42

Evaly and Fianancial Express Evaly and Fianancial Express
15pc incentive on rice export until June 30

The government on Thursday has declared 15 per cent incentives against exports of rice to boost shipment of the staple until June 30 this year, according to official sources.

Permission of all kinds of rice export started from the beginning of this financial year (FY20), after 2009, following a massive fall in paddy prices during the last Boro season.

To boost rice market to help farmers, the government restricted imports and permitted exports of parboiled rice also.

Earlier, only fragrant rice was allowed to export, but there was no incentive on aromatic rice.

The latest circular of Foreign Exchange Policy Department of  Bangladesh Bank said, local traders, who will export rice husked from local mills from January 30, are entitled to get 15 per cent incentives (over FoB rate) against their shipment.

Bangladesh produced all-time high 37.2 million tonnes of rice in FY19.

The country’s exporters have been able to export only 4,000 tonnes of rice in FY20 so far, which is less than 2.0 per cent of parboiled rice, according to the Bangladesh Rice Exporters Association.

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