Govt slashes rice import duty to 25%

The government has reduced rice import duty to 25 percent from the existing 62.5 percent in a desperate bid to keep the rice market stable across the country.

Food Minister Sadhan Chandra Majumbar came up with the announcement while addressing a virtually press conference on Sunday.

The minister, in the press conference, asked the legal private importers to submit their applications with necessary papers and documents to the ministry by January 10 next year.

After scrutinising the applications, the government will give approval to the importers for importing a certain amount of rice to meet the current demand and to keep the price of rice under control, he said.

Prime Minister Sheikh Hasina gave approval to import rice by reducing duty on December 24, the food minister said.

Besides, the government is going to import 400,000 metric tonnes of rice under government-to-government and open bidding system to ensure stability in the country’s local market.

The average retail prices of all varieties of rice went high in the market which is the highest in the recent year.

While visiting several markets in the capital including Khrishi Market, Townhall Market and Kawran Bazar, our correspondent found that per kilogram of Nazirshail and Miniket rice is being sold at 65 -68 and 60-65 respectively.