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The Financial Express

428 companies get permission to import 1.72m tonnes of rice within October

| Updated: August 31, 2021 08:17:15


428 companies get permission to import 1.72m tonnes of rice within October

The government has allowed 428 business organisations to import 1.72 million tonnes of rice within October this year aiming quick supply of the staple to ease domestic price.

On Monday, the last day for import permission, the food ministry okayed 110,000 tonnes of rice import for 79 organisations, said a food ministry press release.

Earlier between August 17 and 24, 349 companies were given import permits (IP) for bringing in 1.61 million tonnes of the produce.

The LC (Letter of Credit) 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 via e-mail.

Meanwhile, on August 12, the government reduced rice import duty to 25 per cent from 62.5 per cent.

The reduced duty has been encouraging for the importers to bring in rice to the domestic market, said the food ministry release.

The government and private sector imported 1.32 million tonnes of rice last fiscal year.

The agriculture ministry expected an all-time high of 20.6 million tonnes of rice production in the Boro season that ended in July.

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