Loading...
The Financial Express

Govt extends LC opening timeframe for private rice importers

| Updated: January 26, 2021 09:25:43


Evaly and Fianancial Express Mobile Evaly and Fianancial Express Desktop
Govt extends LC opening timeframe for private rice importers

The government has extended the timeframe for letter of credit (LC) opening for importing rice by the allotted institutions or firms in the private sector until 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 tonnes of rice by some 320 private importers or institutions, said a PID handout on Saturday.

It said the allotted firms have been asked to inform the Food Ministry after opening LCs within seven days of receiving the allotment letters, reports BSS.

The businessmen who are supposed to import 5,000 metric tonnes of rice would have to import 50 per cent 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 tonnes of rice would have to import 50 per cent 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 per cent from 62.50 per cent 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.

Share if you like