Indian government has extended the export entitlement quota for readymade garments & knitwear, yarn, and fabrics & made-ups to the US, Canada and European Union for one year with effect from January 1, 2017. This policy was initially introduced by the government for one year with effect from January 1, 2005, and has been extended since then.
The previous extension of the residuary provisions of garments and knitwears export entitlement (quota) policy and yarn, fabrics & made-ups export entitlement (quota) policy was scheduled to expire on December 31, 2016.
“The government hereby decides to extend the operation of the residuary provisions of yarn, fabrics & made-ups export entitlement (quota) policy for a further one year with effect from January 1, 2017,” reads a notification issued by the textiles ministry.
The government has also extended the operation of the residuary provisions of garments and knitwears export entitlement (quota) policy for a further one year with effect from January 1, 2017. This policy is applicable in respect of countries where such exports are covered by restraints under the provisions of the agreement on textiles and clothing.
Under the policy, export entitlements will be allotted only to exporters registered with the competent registering authorities as per the export-import policy prevailing from time to time. Quantities that become available from time to time on account of surrenders, flexibilities or otherwise shall also be allocated under the First Come First Served (FCFS) system. (RKS).
Sourec: fibre2fashion.com