Home / Knowledge / News / Textiles / Indian govt withdraws cotton & cotton yarn from FMS
Indian govt withdraws cotton & cotton yarn from FMS
05
Oct '13
The Government of India has withdrawn cotton and cotton yarn from Duty Credit Scrip eligibility under the Focus Market Scheme (FMS), with effect from September 25, 2013.
 
‘Export of cotton’ and ‘export of cotton yarn’ have been added after serial no (x) in the list appended in paragraph 3.14.3 of Foreign Trade Policy bearing the Heading “Ineligible Exports Categories / Sectors for FMS”, a notification from the Department of Commerce, Ministry of Commerce and Industry said.
 
The objective of FMS is to offset high freight cost and other externalities to select international markets with a view to enhance India’s export competitiveness in these countries.
 
Under the policy, exporters to notified countries are entitled for Duty Credit Scrip, equivalent to 1- 3 percent of FOB value of exports (in free foreign exchange) for exports made by them.
 
Taking advantage of the scheme, Indian spinning sector was able to capture new markets in Africa and Latin America, as well as the CIS countries. 
 
Argentina, Peru, Venezuela, Tunisia and Morocco were some of the countries where Indian cotton yarn exports increased after the implementation of the scheme. 
 
The notification also says that the benefit of Incremental Export Incentivisation Scheme (IEIS) for the year 2013-14 will be limited to a scrip of a value not exceeding Rs. 10 million per Import Export Code (IEC). 
 
Claims in excess of Rs. 10 million would be subjected to greater scrutiny by Regional Authority, the notification said.
 

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Courtesy: PIB

Textiles | On 20th Jan 2017

Govt to help Tangaliya weavers purchase looms: Irani

Government of India will facilitate Tangaliya weavers in purchase of...

Interviews View All

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search