Benapole Correspondent :
Importers are not able to open LC due to dollar crisis. As a result, imports through Benapole port have decreased. At the same time, revenue collection has started to decrease day by day. As a result, in 10 months (July-April) of the current fiscal year 2023-24, the revenue collection is less than the target by Tk 67 crore 89 lakh.
The target of revenue collection was 5 thousand 281 crores. 5 thousand 213 crore 11 lakh taka has been collected there. In the first 10 months of the financial year 2022-23, 17 lakh 553 metric tons of goods were imported through Benapole port.
In 2023-24 in the first 10 months, 14 lakh 42 thousand 583 metric tons have been imported. Less import of goods was 2 lakh 57 thousand 965 metric tons. Traders said that importers are not able to import due to dollar crisis and rising prices are not under control in the country. If the crisis is not resolved quickly, the import volume may fall further and face a large revenue deficit at the end of the year. According to customs sources, the National Board of Revenue (NBR) sets a monthly revenue target of a certain amount on goods imported from India.
If the import is normal, the customs authorities will not reach the target. But Benapole Customs has not been able to meet its revenue collection targets for the past few years due to declining imports.
Vice President of Benapole C&F Agent Association Kamal Uddin Shimul said Commercial banks have reduced the number of LCs over the years, citing the rising dollar and crisis. Revenue deficit has been seen to reducing imports. However, we are optimistic that by the end of the fiscal year, the business situation will be normal after dealing with this crisis.
Motiar Rahman, director of the India-Bangladesh Chamber of Commerce, said that most of the importers are suffering due to the dollar crisis.
Because of the dollar crisis in the global recession, banks are unable to open LCs due to the increase in dollar prices. Although there is a dollar rate fixed by the government, currently the bank is deducting 125 to 128 taka against 100 dollars.
Due to its adverse effects, there is a risk of disruption of production in the country’s industries and unbridled increase in the price of imported goods.
Benapole Customs House Joint Commissioner Safayet Hossain said, Traders cannot open LC from bank to bring goods. And it is natural that if the import decreases, our revenue collection will also decrease.
There is no Opportunity to revenue evasion here. Benapole Customs has a strict stance against evasion.