NBR to investigate reasons behind onion prices hike
Published : 27 Nov 2019, 12:48
In the wake of the skyrocketing prices of onions, the National Board of Revenue (NBR) Customs Intelligence and Investigation Directorate (CIID) emerged in the field to find out the reasons for the unusual price hike of onions.
Some 167,000 metric tons of onions have been imported in the last three months, according to NBR data, but the prices continue to rise.
"That's why the government asked the NBR to investigate the matter. The CIID is now in operation with all the information of 332 importers of onions," said a senior NBR official.
The CIID is investigating the data and market supply of imported onions.
It said that Banglabandha, Benapole, Bhomra, Hilli, Sona Masjid, Teknaf, Chattaogram and Dhaka customs houses had imported167,806.47 metric tons of onions this year before India imposed a ban on exports of onions to Bangladesh.
"But onion prices continue to rise. To dig out the reason, on November 25 and 26, the CIID questioned 47 importers," said senior official of the NBR.
He said it has summoned importers from August 2019 to November 18 this year who imported over 1,000 tons of onions.
Such importers appeared before the CIID with details about the amount of onion they sold as well as the names and addresses of the people to whom they sold the onions.
The NBR has the information that the imported onions are illegally hoarded with the aim of creating an artificial market crisis. In fact, in the case of onion production, there are charges of money laundering.
CIID sources said 2.52 lakh tons of onions were imported during the current fiscal year's July-October period, while 11.37 lakh tons were imported during the fiscal year 2018-19's July-June period.
According to the Agricultural Extension Department data, the country's onion production is 23 lakh metric tons compared to 25 lakh metric tons demand. But for lack of proper preservation, 30-35 percent of the onion becomes rotten. The nation must therefore import 8-10 lakh metric tons of onion.
Meanwhile, the Bangladesh Trading Corporation (TCB) has increased the sale of Tk 45 per kilogram of onions across the country at divisional and district levels, including 50 locations in Dhaka capital.
Locally grown onion was sold at Tk 100-120 per kg earlier this month in the capital's kitchen markets. But on November 12, the price jumped to Tk 160 and then continued to rise.
While air has carried in several consignments of onions, urban dwellers still have to see their impact on the market.