Jt forces exchange views with elite in Rajshahi
Wednesday, 13 February 2008
Our Correspondent
RAJSHAHI, Feb 11: Members of the joint forces held a view-exchange meeting with local elite, with the aim to tame the skyrocketing prices of essential commodities at the auditorium of Rajshahi Chamber of Commerce and Industry (RCCI) recently, sources said.
Speakers said the country had been put into a spin by a dishonest circle. Therefore, prices of essential commodities could not be kept under control.
The power of joint forces was not enough to control the price level and keep it at a tolerable level, though the force had started its 'market operation' recently. But cooperation from all quarters was imperative to control the market price.
The joint forces officials openly discussed with trade leaders including importers, bank executives, media and local businessmen about the problems of keeping the market prices of essential commodities under control.
Importers and traders, however, pledged to try their best to do so.
Importers of Rajshahi said they were still facing problems in opening of letters of credit (L/Cs) from the assigned banks.
An importer has to open an L/C for a minimum amount of $505 for importing of 1.0 tonnes of rice, whereas exporters in India send rice worth $425 and rest of security money of $70 is returned by the Indian exporters due to banking and official litigation. It takes a long time to get the money back, they added.
As a result, importers have to invest a huge amount of money for importing rice and other commodities. Importers said because of unnatural delay in getting back the security money, prices of imported goods increase naturally and often importers have to depend on 'hundi traders' to bring back the money.
Shahidullah Sharif, a rice importer at Sona Masjid land port, said he opened an L/C for importing of 6,000 tonnes of rice from India in December last.
He has already imported 3,000 tonnes and he has Tk 60.3 million (6.30 crore) left with the Indian exporters which would take a long time to get back through proper channel.
The importers further said that there should be a system of Pre-shipment Inspection (PSI) so that they were not cheated by exporters. They further said often it was often seen that low-grade commodities including rice and wheat were sent by exporters as against the sample submitted.
About mandatory insurance, importers said there should not be any mandatory insurance for importers for land port transport which was only a few metre from one border to another.
RAJSHAHI, Feb 11: Members of the joint forces held a view-exchange meeting with local elite, with the aim to tame the skyrocketing prices of essential commodities at the auditorium of Rajshahi Chamber of Commerce and Industry (RCCI) recently, sources said.
Speakers said the country had been put into a spin by a dishonest circle. Therefore, prices of essential commodities could not be kept under control.
The power of joint forces was not enough to control the price level and keep it at a tolerable level, though the force had started its 'market operation' recently. But cooperation from all quarters was imperative to control the market price.
The joint forces officials openly discussed with trade leaders including importers, bank executives, media and local businessmen about the problems of keeping the market prices of essential commodities under control.
Importers and traders, however, pledged to try their best to do so.
Importers of Rajshahi said they were still facing problems in opening of letters of credit (L/Cs) from the assigned banks.
An importer has to open an L/C for a minimum amount of $505 for importing of 1.0 tonnes of rice, whereas exporters in India send rice worth $425 and rest of security money of $70 is returned by the Indian exporters due to banking and official litigation. It takes a long time to get the money back, they added.
As a result, importers have to invest a huge amount of money for importing rice and other commodities. Importers said because of unnatural delay in getting back the security money, prices of imported goods increase naturally and often importers have to depend on 'hundi traders' to bring back the money.
Shahidullah Sharif, a rice importer at Sona Masjid land port, said he opened an L/C for importing of 6,000 tonnes of rice from India in December last.
He has already imported 3,000 tonnes and he has Tk 60.3 million (6.30 crore) left with the Indian exporters which would take a long time to get back through proper channel.
The importers further said that there should be a system of Pre-shipment Inspection (PSI) so that they were not cheated by exporters. They further said often it was often seen that low-grade commodities including rice and wheat were sent by exporters as against the sample submitted.
About mandatory insurance, importers said there should not be any mandatory insurance for importers for land port transport which was only a few metre from one border to another.