| Date: |
04-07-2011 |
| Subject: |
No Export Cap On Cotton And Yarn Waste |
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The government has exempted cotton and yarn waste from the additional cap of 10 lakh bales imposed on exports of the natural fibre for 2010-11 season.
"...this cap shall not apply to export of cotton waste, including yarn waste and garneted stock," the Directorate General of Foreign Trade (DGFT) has said.
However, other conditions regarding registration of export contracts with DGFT will remain in force.
The government had decided on June 8 to allow export of additional 10 lakh bales (170 kg each) of cotton during the current season in the wake of a sharp fall in prices in the domestic market.
It had imposed a quantitative restriction of 55 lakh bales on cotton exports in October last year when prices of the natural fibre had shot up.
However, the prices witnessed a sharp correction from April by 38 percent. After peaking at Rs 62,500 per candy (356 kg) in March-end in the domestic market, cotton prices have crashed to over Rs 40,000 per candy now.
Source : zeenews.india.com
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