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The government took initiative to implement the tariff decision to bring order in the rice and onion market. The National Board of Revenue (NBR) has imposed a 10 percent tariff on imports to ensure a fair price for onions to local farmers.
On the other hand, to reduce the volatility in the rice market, the existing duty on imports has been reduced from 62 percent to 25 percent. The import duty on rice has been reduced by 10 percent and supplementary duty by 25 percent and a total of 35 percent. As a result, if the cost of rice imports is reduced, the people concerned think that the ongoing rise in the market will be curbed. The NBR issued the order on last Thursday (January 7, 2021).
The order, signed by Abu Hena Mohammad Rahmatul Munim, senior secretary of the internal resources department and chairman of the NBR, said the order to reduce import duty on rice would remain in force till April 30.
Incidentally, the country's rice market has been in turmoil since the arrival of Corona. Prices are constantly rising. In the past, to protect local farmers, a duty of 62.5 percent was imposed to discourage rice imports. However, in the face of unbridled price rise, the issue of protecting the consumer also comes to the fore. To this end, the import duty on rice has been reduced by 35 percent.
Besides, during the onion crisis, India, a major exporter to Bangladesh, stopped exporting onions and prices continued to rise. Now the onion of the farmer has started to grow in the market of the country. At this time, India lifted the ban on onion exports.
If onion imports from India increase, the price of onion may go down abnormally. As a result, the farmer may face losses. In order to protect the farmers and encourage local onion production so that the price of onion does not fall below the reasonable level, there are demands from various quarters. Commerce Minister Tipu Munshiu also recently spoke on the issue.
Source: Online/SZK
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