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Govt relaxes bank guarantee on cotton exports
13 Sep '11
1 min read
The government has further relaxed norms for exporters of cotton. Beginning from October 1, cotton exporters will not have to furnish bank guarantees, while registering cotton export contracts.
According to a notification from Directorate General of Foreign Trade (DGFT), performance guarantee will not be required for exports of cotton, along with which cotton export will continue to be free, subject to registration of contracts with DGFT.
Earlier, a cotton exporter had to submit a bank guarantee for 2.5 percent of the value of cotton exports, or for Rs 100,000, whichever was more.
Click here to view and read DGFT notification.
According to a notification from Directorate General of Foreign Trade (DGFT), performance guarantee will not be required for exports of cotton, along with which cotton export will continue to be free, subject to registration of contracts with DGFT.
Earlier, a cotton exporter had to submit a bank guarantee for 2.5 percent of the value of cotton exports, or for Rs 100,000, whichever was more.
Click here to view and read DGFT notification.
Fibre2fashion News Desk - India
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