Indian Rice

Photo: Collected Indian truck loaded with rice waiting at Hily

Importers not unloading Indian rice due to fear of loss at Hili

According to Hili land port sources, rice import from India started from Hili land port on July 23 to keep the country's market normal after a long nine-month closure. Although the import has started, the import of rice is slow because of the dollar crisis and the increase in the price of rice in India. However, recently the import of rice from India has increased through this port.

Initially, five to six cargo trucks entered this port but now it has increased to 25 to 30 trucks.

However, despite the increase in imports, the importers are not unloading rice from the port due to the fear of loss because of the 100 percent LC margin in the banks. As a result, 100 Indian cargo trucks are still waiting for release at the port.

The importers said that if the bank's margin rate and duties are reduced, the imported rice can be marketed after cutting some losses.

Shahinur Reza Shahin, a rice importer, said, "Now we have to import rice at a much higher price with which we opened the LC to import rice from India. As a result, our losses are increasing. Currently, the bank's margin is 100 percent and the value of the dollar has also increased. That's why I can not unload the imported rice at the port. If we sell rice, we will fall into losses. We importers are expecting that the government will quickly reduce the duty and make it possible to market the imported rice."

According to the information of Hili Customs, 7,715 metric tons of rice have been imported through this port since July 23 till now in 192 Indian trucks, from which the government got revenue of about Tk 7 crore, and there are 100 cargo trucks waiting to be unloaded at the port.