The government has slashed the rice import duty to 25 percent from the existing 62.5 percent to keep the rice market stable, Food Minister Sadhan Chandra Majumder said today.

The legal importers will have to apply to the food ministry with all necessary documents within January 10 next year to import rice privately, he said at a virtual press conference.

"Later, the ministry will give approval for importing a certain amount of rice after scrutinising the applications through a policy," the minister said after joining a press conference virtually.

Prime Minister Sheikh Hasina on December 24 gave approval to import rice after reducing import duty, he said.

The government is going to import 400,000 metric tonnes of rice under government-to-government and open bidding system, said the minister.