Home ›› 08 Feb 2022 ›› Front
Industrialists can now import raw materials and capital machinery worth $5,00,000 a year without opening letters of credit under the fresh import policy order for 2021-24 approved Monday.
The government has raised the ceiling by $3,00,000 in the new policy.
Besides, registration fee of primary import certificate has been reduced while the import of casino equipment has been banned.
The approval came from Monday’s virtual Cabinet meeting presided over by Prime Minister Sheikh Hasina, Cabinet Secretary Khandker Anwarul Islam told the media.
Bangladesh’s last import policy was for 2015-18, which will remain in force until the new one comes into effect. A gazette notification is expected to be issued soon. The new policy criminalises fraud in registration certificate and import-export operation.
Under the existing policy, businessmen can import raw materials and capital machinery worth $2,00,000 a year without opening any LC. It also raises the ceiling for importing fish, onion, palm oil, soybean oil, garlic, ginger, lentil, rice and corn from Myanmar to $50,000 from $30,000. But under the government management, goods worth up to $2 million can be imported in a single consignment. In this case, the yearly ceiling will not be applicable.
The registration fees for primary certificate have been lowered to a minimum Tk 3,000 to a maximum of Tk 40,000. The current fees range between Tk 5,000 and Tk 60,000. Traders currently have to pay annual renewal fees ranging from Tk 3,000 to Tk 30,000. Once the new policy comes into effect, they will have to pay between Tk 2,000 and Tk 20,000 in renewal fees.
The new policy proposes registration under five categories instead of six.
It also has scope for renewals every five years but in that case, the minimum fee is Tk 10,000 and maximum Tk 1 lakh. Currently, importers have to renew registration every year costing a minimum of Tk 10,000.
Under the bonded warehouse system, 100 per cent export-oriented industrial companies will be allowed to import raw materials and goods needed for six months without any back to back LC, up from four months.
Products should be shipped within 24 months from the date of agreement in case of products shipment or import of machinery, up from 17 months.
As per the new policy, any new or old aircraft (airplane/helicopter) or their parts can be imported with the permission of the Civil Aviation Authority of Bangladesh.
Any individual, without import registration, can import products worth $10,000. If the goods are worth more than $10,000, then the importer will need the Comptroller and Auditor General’s permission.
Customs authority radioactivity test certificates should be sent via courier services before the shipments of food items reach Bangladesh port, the new policy order said. Importers have to take prior permission from the Department of Livestock Services in case of domestic animal or poultry feed import. Besides, packet foods should have manufacturing and expiry dates which should be free of melamine, harmful antibiotics, Nitrofurans, Chloramphenicol.
Under the new policy, gold bars and ornament can be imported. Currently, gold and silver are imported as per the foreign exchange regulation. The new policy will be applicable for silver import too.
