Yarn importers with prior LCs can use land ports

Importers who opened or amended letters of credit (LCs) for yarn on or before April 13 will be allowed to bring in cotton through land ports, the National Board of Revenue (NBR) said on Thursday.

The clarification comes in response to confusion surrounding the recent government ban on yarn imports through land ports, reports UNB.

On April 13, the NBR suspended the import of yarn, including cotton yarn, through major land ports such as Benapole, Bhomra, Sonamasjid, Banglabandha and Burimari.

The move followed a request from the Bangladesh Textile Mills Association (BTMA) and recommendations from the Commerce Ministry.

The decision aims to support local yarn producers and curb under-invoicing of imported yarn.

The ban applies to all importers, including 100 per cent export-oriented industries, and took effect immediately.