Import up to 5 lakh dollars allowed without LC

Cabinet Secretary Khandker Anwarul Islam has said the body has approved new ‘Import Policy Order 2021-24’ for the country’s import trade to be more time-befitting and competitive.

A cabinet meeting gave its consent on the fresh import policy on Monday. The virtual meeting was presided over by Prime Minister Sheikh Hasina from Ganabhaban.

Islam said retail traders and small businesses will import products from abroad without letter of credit (LC) and through ‘confirmed contract’ and transact the dues through telegraphic transfer (TT) system. 

Retail businessmen like refrigerator traders will be able to import five lakh dollars worth of products without letter of credit, Islam said.

Earlier, the retail businessmen or small traders could import products worth two lakh dollars (maximum) though large traders could bring in any volume of products through opening up a letter of credit or confirmed agreement, he added.

The cabinet secretary said if the price of raw materials import is increased in the international market, the government could put a lid on importation of that product.

It will also restrict import of products that affect the market of local farm products, he added.

He said, “We have received requests from different countries without LC but we have kept a provision of scanning import products”.

The cabinet secretary said the government did not agree to ask the international media to write for a fumigation method in case of agricultural product imports.

“We have not agreed to discuss fumigation for many international requests,” he said.

The reason for this, he said, is that if there is an epidemic that can harm our country, a scanning method will be enforced.

The cotton that is imported from America is double checked here. This is called fumigation. “When we bring an agricultural product, whether there are any bacteria or peptic acid in it, it will cause an epidemic here ...,” he pointed out.

America has repeatedly requested us to give up the fumigation system. But in the view of our experts, there is a kind of insect in American cotton. If this insect goes into the air then it can have a massive negative impact not only on cotton but also on other plants in our country, ” said the cabinet secretary.