The government has authorised 415 private companies to import 17 lakh two thousand tons of rice to regulate price stability of the key staple in local markets.
The food ministry sent a letter of permission to the secretary of the commerce ministry in this regard on Monday, according to sources at the ministry.
The letter stipulated that imported rice can have no more than 5 % broken grains and a Letter of Credit (LC) for the import must be opened within 15 days of the issuance of the allotment.
Importers have been asked to provide the Food Ministry the relevant information -- including bill of entry – immediately by e-mail.
Importers have to market the entire amount of their imported rice locally by 25 September. No further additional import permits will be given.
Imported rice cannot be re-packaged in the name of proprietors. Moreover, the imported rice has to be sold in their plastic sacks.
If importers fail to open an LC within the stipulated time, the import permit will be canceled.
Previously, on 12 August The National Board of Revenue (NBR) issued a notification for reducing duties on rice import to keep the price of rice stable in local markets.
The government has slashed the import duty on rice to 25% from the previously existing 62.5% to rein in soaring prices of the staple. This duty facility will remain unchanged till 30 October.