| Date: |
07-09-2010 |
| Subject: |
India allows unrestricted, tax free cotton export from Oct |
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NEW DELHI (Commodity Online): India allowed unrestricted and free of tax exports of cotton from October 1 under the Open General Licence (OGL), an official release said.
A notification released by the Commerce Ministry states that, the export of cotton is allowed under license with immediate effect. But it will remain a restricted item for export.
Currently, the government controls exports of cotton by granting licenses for individual shipments and gets an export tax of Rs 2,500 per metric ton.
Earlier, a section of the textile industry had blamed that the ban on cotton exports was just an eye-wash as it came too late when about 7.9 million bales of cotton had already been registered for export till April 8 In May, however, the month-long ban was lifted but the government put in place stringent export rules by introducing a licensing system.
Source : community.nasdaq.com
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