Govt lowers rice import duty to 25pc

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Dhaka, Dec 27: The government has cut the rice import duty to 25 percent from the existing 62.5 percent in a bid to encourage private importers and control the market prices.

Food Minister Sadhan Chandra Majumder made the announcement at a virtual press conference on Sunday morning.

Moreover, the government is going to import 4 lakh metric tonnes of rice under government-to-government and open bidding system, he said.

Legal private importers will be able to apply to the Food Ministry with all necessary documents within January 10 next year, the minister said.

“We, from the ministry, will decide which importer will import what volume of rice,” he clarified, saying it will be a strictly monitored private sector rice import.

The move came after prices of rice in the domestic markets kept soaring in the past few months.