Following the Union government's approval on June 8, the registration formalities for the extra quantity of one million bales of cotton exports for the current season got underway recently.
Due to the declining prices of the natural fibre in the domestic market, the government decided to bail out the industry by permitting additional exports.
With the cotton season being from October to September, the Directorate-General of Foreign Trade (DGFT) will accept applications for new registrations till June 25.
It may be recalled that the government had imposed a quantitative restriction of 5.5 million bales on cotton exports in October 2010 when prices of the natural fibre had soared.
According to the DGFT, the applications for registrations would be processed till July 5 and the quota allocated on July 6 on a proportionate basis. Besides, exporters will get nine days to fill their documents, beginning July 7, while shipments will be completed by September 15, the DGFT said.
No comments:
Post a Comment