With Agriculture Minister Abdur Razzaque in the chair, the committee approved the policy with some amendments.
Additional Secretary of Cabinet Division Nasima Khatun said that from now on opening Letter of Credit (LC) through banks will not be required for import.
She said the availability of adequate foreign currency reserve prompted the committee to bring new amendments to the new import policy.
Nasima said the committee agreed to receive the amendment in the policy following the consent of the representative of Bangladesh Bank who was present in the meeting.
She said the amendment was incorporated in the proposal as part of the move to ease of doing business.
Process for LC opening is a time consuming process which needs large number of documents to be submitted to the bank, she added.
Nasima Khatun said the new import policy will go to the Cabinet for final approval before it is published officially.
Meanwhile, a Bangladesh Bank source said that some firms are already following a new procedure in import from European Countries where LC opening is not required.