'Tk25 profit per kg': 4 traders fined Tk90,000 for overpricing onions at Bhomra port
The action was taken after the task force was informed that there is a significant difference between the purchase price of onions from India and the selling price at the port
Four traders have been fined Tk90,000 for selling onions at a higher price at Bhomra Land Port in Satkhira.
"A task force in Satkhira conducted a raid at the port area today [17 October] and fined four traders Tk90,000," Pranoy Biswas, executive magistrate of Satkhira District Administration, told The Business Standard.
The action was taken after the task force was informed that there is a significant difference between the purchase price of onions from India and the selling price at the port.
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Executive magistrate Pranoy said, "The traders were unable to produce any receipts for the purchase. According to traders' information, onions were being sold in India for Tk42-45 per kilogram, while they were selling the same at the port for Tk80-85per kilogram.
"Even after deducting LC margin and transportation costs, traders were selling each kilogram of onions Tk25 more than the purchase price. This syndicate will be broken," he added.
The executive magistrate further noted that there was a huge discrepancy between the purchase price from India and the selling price in the country. The price of onions was being artificially inflated through syndication for excessive profit.
