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DGFT tightens policy for cotton exporters
21
Jun '11
Applications for the export of one million bales (1 bale = 170 kg) of cotton have been invited by the Directorate General of Foreign Trade (DGFT), under the aegis of the Ministry of Commerce, Government of India.

The DGFT will accept applications for a week beginning 20 June 2011. The invitation for applications follows the recent sanction of an additional one billion bales of cotton for export by the Group of Ministers (GoM) for the current cotton season ending September 2011.

To control the entry of opportunistic and non-serious traders, the agency has this time tightened regulations, besides deciding to accept applications only from reputed exporters.

Companies which successfully exported cotton in 2008-09 and 2009-10 seasons are eligible for application. Also, the banks' letter of credit (LC), issued in favour of exporters, stands irrevocable. It means that the name on the LC cannot be changed or transferred.

The DGFT has put a ceiling of 4,250 tons or 25,000 bales of cotton as the maximum permissible quantity for application. The agency will decide on allocation on a pro-rata basis.

Fibre2fashion News Desk - India

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