The Director General of Foreign Trade (DGFT) has announced the allocation of cotton export quota for the additional one million bales (1 bale = 170 kg) or 170,000 metric tons, yesterday.
In all, DGFT received 581 applications of which it has short-listed 227 eligible applicants, who together have been permitted to export 158,460 metric tons or around 932,118 bales of cotton.
11,539.2 metric tons has been sequestered to 84 other applicants as per the High Court orders of various courts in India.
Exporters would have to register their shipments by July 15, by which time; they would have to strike deals with overseas buyers, open 'Letters of Credit' and acquire the hard copy. The last date of shipment has been stipulated as September 15.
Cotton prices have touched bottoms after having risen to dizzying heights in the first quarter of the current year. Shankar – 6 raw cotton prices have plunged to Rs 37,750 per candy (1 candy = 356 kg) from Rs 63,000 per candy witnessed in March 2011.
Click here to view DGFT notification.
Fibre2fashion News Desk - India
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