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Vaghela bans transfer of textile export quotas |
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2004-7-9
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Minister of Textiles Sankersinh Vaghela has instructed his ministry officials to immediately stop sale or transfer of textile quotas.
The move is aimed at preventing misuse of quotas for exports to the US, EU and Canada for exporting shirts, trousers, T-Shirts, blouses and other readymade garments.
According to an official statement, the move would stop quota hoarding, creation of artificial scarcity and trading of quotas at high premiums, which adversely affected genuine exporters.
It would also ensure optimum utilisation of quota and prevent loss to the country''s export exchequer, it added.
A periodic review of quotas under various categories and distribution of additional capacity to genuine exporters under the First Come First Served (FCFS) basis would be conducted by the Textile Minister.
The multifibre arrangement, which is to end in January 2004, under bilateral agreements enabled Indian exporters to export limited quantity of readymade garments to the US, EU and Canada. The quantities are distributed by way of Past Performance Entitlements (PPE), Non-Quota Entitlements (NQE), New Investor''s Entitlement and FCFS systems and were transferable till yesterday. |
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