SME Times News Bureau | 21 Jun, 2011
The government has invited fresh applications to export an additional 1 million bales of cotton, a government statement said on Monday.
Registration for the additional quantity of cotton exports for the current season, allowed by the government on June 8. The government had already allowed 5.5 million bales (1 bale = 170 kg) for exports in the current cotton year which began in October. The cotton season runs from October to September.
The Directorate General of Foreign Trade (DGFT) will accept applications for new registrations till June 25. In October last year, the government had imposed a quantitative restriction of 5.5 million bales on cotton exports when prices of the natural fibre had shot up.
The applications for registrations will be processed till July 5 and quota will be allocated on July 6 on a proportionate basis, the DGFT has said.
The exporters will be given nine days to fill their documents starting July 7, while shipments will be completed by September 15.
