Cotton Yarn Export Allowed till March (India)

The export of cotton will be permitted by the government in order to make sure that the total quota of 720 million kg that was fixed for the fiscal 2010-11 is attained. 

The government is gathering the data for the exports that were achieved from April 1, 2010 hence, the exact quantum of cotton yarn that is to be allowed to be exported was not immediately clear. 

A notice issued by the Directorate General of Foreign Trade (DGFT) states that the allocation for export will be made for the balance quantity. It will be carried forward taking into consideration the decision of the Group of Ministers which is to restrict the exports of cotton yarn to 720 million kg during 2010-11. 

The exporters will have to apply for licenses by February 7, 2011 while the allocation will be done on a pro rata basis. 

Moreover, the maximum that an application can apply is 100,000 kg per Importer Exporters Code (IEC) or what has been exported by such IEC holders during 2009-10, which ever is more. 

The process of issuance of authorization (for the exports) will be completed by February 18.

source:oneindia