The export proceeds are re-entered into the local AD bank account in accordance with the ED within the time set by the Central Bank of Myanmar (CBM) after the export of rice and broken rice, urged the Myanmar Rice Federation (MRF).
For companies that will export rice and broken rice abroad, when submitting an export license application, at least 50 percent of the amount to be exported must be stored in the warehouse in advance. Starting from March, 2023, the combined team of the Department of Consumer Affairs, the Myanmar Inspection and Testing Service Limited (MITS) and the MRF approved export licenses through pre-license cargo inspection.
It is urged to strictly follow the rice buyer's requirements for rice and broken rice export, the terms and conditions of the receiving country, the points and requirements of quality maintenance, the bilateral agreements in the transaction contract, and the specific terms of Myanmar.
In accordance with the Ministry of Commerce's announcement, rice and broken rice exporter companies that are going to export rice and broken rice must register the rice storage facility and they were asked to be notified again for the balance of goods in Myanmar Rice Online (MyRO's online system) within seven days after the end of each month.
The main responsibility of exporting companies is to export and re-enter the export earnings within the specified period. So it has been urged that the export proceeds are seriously encouraged to return to the local AD bank accounts in accordance with the ED within the specified time of the CBM after the export of rice and broken rice.
When applying for an export license as a company that will export rice and broken rice, it is necessary to properly comply with the requirements mentioned above, and when purchasing and collecting raw materials for export, each company's export plan and the purchasing and storage plan for the purchase and storage of raw materials consistent with the proposed export plan are required to be informed and followed. The MRF has informed that member companies can contact the federation office if they have any questions.
