New Delhi, Dec 16 (PTI) Directorate General of Foreign Trade, from now onwards, will register cotton export contracts instead of the Textiles Commissioner, the Commerce Ministry said today.
However, no reason was assigned why the registration work has been shifted from the Textiles Commissioner to the DGFT, the trade arm of the Commerce Ministry.
"The contracts for export of cotton shall be registered with the
DGFT prior to shipment," a Commerce Ministry notification said.
The decision comes when only about 25 lakh bales (1 bale is equal 170 kg) of cotton could be exported of the total 55 lakh bales permitted for the season, which runs from October to September.
The exports were allowed from November 1 and the entire quantity of registered bales was to be shipped out by December 15.
The Textiles Commissioner, who was doing the registration, had suspended registration after it received applications equal to the exportable surplus quantity(55 lakh bales).
However, it had also said, "the (online registration) facility may be resumed if exportable surplus quantity becomes available".
Textiles Secretary Rita Menon yesterday said that the government would start "fresh" registrations for the remaining cotton which is yet to be exported.
The government was in process of collecting data on the cotton exports till December 15.
The commodity prices in India have witnessed a rise of about 89 per cent in the fast few months, according to the government estimates.
This is despite projections of a record production of cotton at 325 lakh bales in 2010-11.
Cotton production is expected to total 335 lakh bales in 2010-11.
Source : in.msn.com