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The Government of India has withdrawn cotton and cotton yarn from Duty Credit Scrip eligibility under the Focus Market Scheme (FMS), with effect from September 25, 2013.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

Pic: Shutterstock

Textiles | On 24th Jul 2021

5.2 lakh Zimbabwean homes to gain from Pfumvudza cotton inputs scheme

At least 520,000 households in the marginalised zones of Zimbabwe...

Pic: Lanzatech

Textiles | On 24th Jul 2021

US' LanzaTech, Lululemon to make yarn from recycled carbon emissions

LanzaTech has joined hands with Lululemon athletica, an athletic...

Pic: HOdo Group

Apparel/Garments | On 24th Jul 2021

Chinese apparel firm HOdo exports carbon-offset clothing

Apparel brand HOdo has claimed producing and exporting China’s first...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Ensured payment of fee was least concern for students

Textile Industry, Head honchos

Textile Industry
Head honchos

Delay in adopting water sustainability will be both financially &...

Textile Industry, Head honchos

Textile Industry
Head honchos

Great step towards realising end goal of 'AtmaNirbhar Bharat'

Sanjay Jhunjhunwalla,

Sanjay Jhunjhunwalla

In the financial hub of eastern India, Kolkata, a humble production...

Shyam Gupta,

Shyam Gupta

Established by <b>Shyam Gupta</b> in 1978, Gargee Designer's (GD) offers...

Yawer Ali Shah,

Yawer Ali Shah

Synthetic colours and dyes were all the rage till the very first ban on...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

Tiasha Renganathan, Twinery Innovations by MAS

Tiasha Renganathan
Twinery Innovations by MAS

Twinery-Innovations by MAS is the innovation arm of Sri Lankan company MAS ...

Ian Russell, Pireta

Ian Russell
Pireta

UK-based Pireta has developed a unique free-form process to add durable,...

Sweta Agarwal, A Humming Way

Sweta Agarwal
A Humming Way

A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...

Megha Kumari & Jigar Mali, Label Megha & Jigar

Megha Kumari & Jigar Mali
Label Megha & Jigar

New Delhi based label Megha &amp; Jigar blends India's unique handcrafts...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

Ruma Devi is a jet-setting promoter of artisans who has empowered...

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

Leave your Comments


July 2021

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


Advanced Search