Dhaka, Aug. 19 -- The National Board of Revenue (NBR) has slashed rice import duty from the usual 63.25 per cent to nearly zero, requiring traders with Food Ministry approval to pay only a 2 per cent service charge and related costs, aiming to stabilise surging domestic prices.
On August 10, the food ministry allowed 242 traders to import 0.5 million tonnes of rice to stabilise domestic prices.
"Traders have already started opening letters of credit (L/Cs), and exporters have sent shipments to the border, but higher duties previously prevented importers from releasing rice from customs," said Lalit Keshra, owner of M/S Sairam Enterprise in Dinajpur.
"Importing rice with a 63.25 per cent duty would push retail prices to Tk 90-95 per kg,...
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