Welcome Guest

Businessex.Com
Home News DGFT to start cotton export allocation

DGFT to start cotton export allocation

July 06, 2011 | COMMENTS ( 0 )

DGFT to start cotton export allocation

Exporters all over India have been taking objection to the new eligibility criteria set by DGFT for allocation of the quota this time.

DGFT, who may go for the allocation today, in fixing conditions and modalities, has said those seeking to export should have exported during the 2008-9 and 2009-10 seasons (October-September). Allocation is to be made on a pro-rata basis, but an exporter will not get to export more than 25,000 bales (170 kg each). Applicants can seek to export a quantity that is higher than the previous year, subject to the 25,000-bales limit.

Earlier, on June 9, the government notified exports of 1 million bales, in addition to the 5.5 million bales that got exhausted by January 15. The export quota was fixed based on projections that production this season could be a record 32.9 million bales. The Cotton Advisory Board had in February cut the estimate to 31.2 million bales, still a record. While the textiles ministry sees production still lower around 31 million bales, the agriculture ministry has projected 32.9 million bales.

While registration for the additional quota began on June 20 and ended on June 25, applications got processed till July 5 and allocation of quota will be announced tomorrow. Exporters will be given time to present their documents between July 7 and July 15, while shipments will have to be completed by September 15, according to the schedule.

Cotton is among the very few commodities facing stringent measures over and above the norms laid out in the general trade policy.Cotton exports were allowed after the fibre’s prices dropped about 35 per cent since the first week of April to Rs 40,000-41,000 for a candy (356 kg) of the Sankar-6 variety. Though prices increased by 10 per cent after the additional export quota was announced, they have dropped to the previous levels again, on lack of demand. Currently, prices are ruling at Rs 39,500-40,000 a candy.

Please add your comment

Rating
Not readable? Change text.
Enter the characters as seen on the image (case insensitive)
  Notify me of followup comments via e-mail   Subscribe for daily newsletter

Other NEWS

Delhi based startup i2e1 raises $5,00,000

Delhi based startup i2e1 raises $5,...

December 10, 2015

Delhi-based i2e1, a smart network player platform which aims to provide low-cost and free internet to consumers and actionable ana....

Cab aggregators collaborate with state governments to boost entrepreneurship

Cab aggregators collaborate with st...

November 06, 2015

Ola and Uber, cab aggregators have signed agreements with Rajasthan government for skill development and creation of entrepreneuri....

Phase II of startup incubator T-Hub to be operational soon

Phase II of startup incubator T-Hub...

November 04, 2015

Telangana government is planning to expand T-Hub, its ambitious incubator programme, in its second phase with about Rs 150 crore i....

Sabse Technologies receives investment from Ratan Tata

Sabse Technologies receives investm...

November 04, 2015

Global telecom carrier, Sabse Technologies Inc, started by Hotmail Founder Sabeer Bhatia today announced that Tata Sons' Chairman ....

Mobile startup BlackNGreen seeks international expansion

Mobile startup BlackNGreen seeks in...

November 02, 2015

Buoyed by a strong demand for value added services, mobile startup BlackNGreen is eyeing revenue of Rs 350 crore in the next one y....

Startups seek better future under Hay Group's programme

Startups seek better future under H...

October 30, 2015

Global management consultancy, Hay Group will help 100 selected entrepreneurs transform their startups into successful companies o....

Quintype raises USD 3.25 million for product enhancement

Quintype raises USD 3.25 million fo...

October 27, 2015

Quintype, a data-driven publishing company raised USD 3.25 million to enhance product and business development. ....

Hospitality aggregator startup Qik Stay raises $250K

Hospitality aggregator startup Qik ...

October 27, 2015

Delhi-based Qik Stay, a hotel branding and aggregator startup, has raised $250K in seed round of funding from venture capital firm....

Milk Mantra targets a turnover of Rs 150 crore this fiscal

Milk Mantra targets a turnover of R...

October 26, 2015

Odisha-based startup dairy firm, Milk Mantra is targeting a turnover of Rs 150 crore this fiscal.....

Vista Rooms creates app on Instagram, targets tier II & III cities

Vista Rooms creates app on Instagra...

October 23, 2015

Mumbai-based online budget accommodation aggregator, Vista Rooms has created an app-like experience on Instagram where travellers ....

Jiyo Natural receives funding from Indian Angel Network

Jiyo Natural receives funding from ...

October 23, 2015

Indian Angel Network (IAN) has invested an undisclosed amount in Bengaluru-based consumer health food startup, Jiyo Natural.....

​​Vodoo raises USD 1 million from SAIF Partners

​​Vodoo raises USD 1 mi...

October 15, 2015

Deals and price comparison application, Vodoo has raised USD 1 million (around Rs 65 lakh) from SAIF Partners in a seed funding ro....

IBM launches public data centre in Chennai, partners with Nasscom to boost start ups

IBM launches public data centre in ...

October 15, 2015

Technology giant, IBM today launched public data centre in Chennai to tap into growing demand from financial services and governme....

For Nasscom, PPP will boost startups in India

For Nasscom, PPP will boost startup...

October 14, 2015

In the wake of some reservations over the central government creating startup funds, Nasscom's "10,000 startups" Vice President, R....

WalmartLabs to seek partnership with Indian startups

WalmartLabs to seek partnership wit...

October 14, 2015

WalmartLabs, the digital arm of US-based retailing major Walmart Stores, is scouting for startups in India for partnership and wor....