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The government has extended its rice and paddy procurement deadline for this Boro season by 15 days after failing to meet the collection goal within August 15.
This time, the government targeted procuring 19 lakh tonnes of rice and paddy. The food ministry has asked rice importers to file applications within August 25.
“We are optimistic about meeting our target before the new deadline expires. We hope the price will come down once the imported rice hits the market,” a food ministry official told The Business Post.
In Dhaka, the fine variety of rice cost Tk 65 per kg on August 15, while the price of BRRI-28 was Tk 55, and coarse rice Tk 48-52.
In the last two months, the country imported 1.87 lakh tonnes of rice. Since January, the country has imported around 15 lakh tonnes.
According to the Department of Agricultural Extension, 2.8 crore tonnes of Boro rice was produced this season, up from 1.96 crore tonnes in the previous season.
The food ministry planned to procure 11.5 lakh tonnes of rice and 6.5 lakh tonnes of paddy from farmers and millers. It widened its collection target by another 1.38 lakh tonnes of rice to meet the ministry’s demand. The government started collecting Boro paddy from April 28 and rice from May 7. So far, the ministry has collected 3.42 lakh tonnes of paddy and 9.20 lakh tonnes of rice.
In early August, the food ministry decided to import 10 lakh tonnes of rice through private importers. On August 6, it sent a letter to the National Board of Revenue (NBR) to reduce the duty on rice import.
In a gazette notification on August 12, NBR fixed new import duty from 62.5 per cent to 25 per cent. It will be effective until October 30 this year.
Now importers will pay 5 per cent Advance Tax and 5 per cent Advance Income Tax in addition to a 15 per cent customs duty, according to the notification.
