News

India Gate, the country largest selling rice brand, is exempt from paying goods and services tax (GST) because the company did not get the brand name registered under the Trade Marks Act 1999. This is to further clarify, declare and certify that India Gate, Indian Farm, Lotus and Unity brands are owned by KRBL Ltd but since they are not registered in Class 30 under Trade Marks Act, 1999. Hence NIL GST rate is applicable on it, KRBL Ltd, which sells India Gate packaged rice.

In a notice to prospective suppliers, the NFA invited all interested bidders, whether foreign or local, as long as they complied with conditions of eligibility as spelled out in the implementing rules of the Government Procurement Reform Act or Republic Act No. 9184. The agency has earmarked about P5.64 billion for the entire package, which would be divided into at least five lots with maximum volume of 50,000 tons each.

In Thailand, benchmark 5-percent broken rice RI-THBKN5-P1 was quoted at $420-$430 a tonne, free-on-board (FOB) Bangkok, down from $432-$440 a tonne last week. Weak overseas demand and a falling baht have led traders to quote lower prices to attract buyers. In Vietonneam, the benchmark 5-percent broken rice RI-VNBKN5-P1 dropped to $405-$410 a tonne this week, FOB Saigon, down from $410-$415 last week. There were also concerns over the quality and production of the grain in the harvest period. India 5 percent broken parboiled rice prices RI-INBKN5-P1 eased by $2 per tonne to $419 to $422 on faltering demand from buyers in Africa. Bangladesh is buying 200,000 tonnes of Vietonneamese white rice at $430 a tonne and 50,000 tonnes of parboiled rice at $470 a tonne in a state-to-state deal – at rates much higher than in the previous three tenders.

The import in the first four days of July was 60,000 tonnes, which is nearly half of the total import made last fiscal year. Wholesale prices of local rice dropped by Tk 1 to Tk 1.5 per kilogram. Imported rice prices were down by Tk 2 to Tk 2.5 a kg. The Trading Corporation of Bangladesh (TCB), claims coarse rice prices have dropped by Tk 2 to Tk 3 per kg and the fine varieties by Tk 1 to Tk 2. The government announced the cut in duty on rice import from 28 percent to 10 percent before the Eid-ul-Fitr to rein in the prices and to encourage the private importers.

Transplantation had been completed on 21.41 percent of the 1.55 million hectares of paddy fields. During the same period last year, the transplantation rate was 36.75 percent of the total land available. Last year, paddy fields totalled 1.42 million hectares. The paddy acreage increased to 1.55 million hectares at the end of the transplantation season because farmers planted paddy on more land due to abundant rainfall. This year, the monsoon entered Nepal on June 12, two days after the normal onset date.