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Assessment of cap on cotton exports in Nov
07
Sep '10
India's Commerce Secretary, Rahul Khullar has confirmed that the maximum limit of cotton export, which is going to be in effect from next month, will be assessed in November. Consignments which cross this limit will draw repressive levies which will be set by the revenue and commerce departments afterwards.

He further added that as of now 5.5 million bales of cotton will be exported in 2010-11. But this decision will be subjected to assessment on 15th November, 2010.

The Cotton Association of India, which represents the cotton exporters, desires to have a cotton export ceiling limit of 7.5 million bales, since the country has sufficient additional cotton which can be exported to other countries.

According to Dr Khullar, a better scenario of industrial output, demand and price will develop by 15th November. The much required registration of export contracts will be initiated by the Textiles Commissioner from 15th September and exports will be registered on first-come-first-serve basis.

He further added that no restriction or obligation of license will be imposed on the exports of cotton up to a limit of 5.5 million bales but beyond this limit, exporters will have to pay an export levy as the ceiling has been set at this limit from 1st October.

The decision to permit free cotton export was arrived at a meeting attended by the Commerce Secretary – Khullar, Agricultural Secretary – P K Basu and Textiles Secretary Rita Menon on 1st September.

Fibre2fashion News Desk - India


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