Yarn importers with prior LCs to be allowed to use land ports: NBR
Importers who opened or amended letters of credit (LCs) for yarn on or before 13 April will be allowed to bring in cotton through land ports, the National Board of Revenue (NBR) said on Thursday.
The clarification came amid confusion following the recent government ban on yarn imports through land ports.
On 13 April, the NBR suspended the import of yarn including cotton yarn through major land ports such as Benapole, Bhomra, Sonamasjid, Banglabandha, and Burimari.
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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% export-oriented industries and took effect immediately.
