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Govt gears up efforts to raise
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Now, only a 2 percent advance income tax is payable on the import of rice.
Besides, by the end of last month, the food ministry requested the high-ups of the government for allowing the import of 11 lakh tonnes of rice.
They said this was to build reserves to ensure the public food distribution target of 30 lakh tonnes during the current fiscal year of 2024-25.
Of the amount, the government plans to distribute nearly 24 lakh tonnes under various social safety net schemes.
Earlier, the advisers’ committee on economic affairs decided to import 5 lakh tonnes of rice, whereas the budget allocation for the current fiscal year was 3.5 lakh tonnes.
The government also recently eased public procurement rules for rice imports through open tender.
Bangladesh did not import any rice in fiscal year 2023-24.
Neither the public nor the private sector imported any rice between July 1 and November 4 this fiscal year.
The official of the food directorate said farmers have started reaping Aman season paddy, which accounts for the second-biggest amount of rice harvested.
The extent of crop damage for repeated floods, particularly in the eastern region, at the end of August and last month, would be clearly understandable once harvests end.
“We will get an idea regarding the import requirement after that,” he said, adding, “But our efforts are on. We are in discussions with India, Vietnam and Myanmar to import rice under government-to-government contracts.”
Estimates by the Department of Agricultural Extension (DAE) show that Aman acreage declined to 57.35 lakh hectares this season from 57.5 lakh hectares in the previous one.
The Bangladesh Trade and Tariff Commission in a report on October 29 cited the DAE estimate and said the recent floods had caused a production loss of 8.39 lakh tonnes.
The food ministry official said fresh harvest of Aman rice has started arriving in the market and prices of the grain were likely to decline in the coming weeks.
The good news is that India is likely to get a good harvest this season, he added.

A third of NBFIs
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In the past 15 years, we have not been able to do anything. There is good governance now. Now, we are trying to find a way to bring back order,” he added.
Wishing anonymity, some industry insiders said that the Bangladesh Bank was also responsible for the ailing NBFIs as the central bank’s supervision was not up to the mark.
As a result, frequent reports of scams and loan irregularities were reported in the sector over the last few years.
Bhuiyan said they had already met with the central bank governor and discussed the problems plaguing the NBFI sector.
“We urged the Bangladesh Bank to form a separate commission to establish good governance and resolve issues like NPLs in the sector,” he said.