After announcing that it was allowing export of 55 lakh cotton bales from October 1, the Central Government on Wednesday moved a step forward and announced that traders would be able to access online registration for export contracts from September 15.
The registration for cotton export contracts will be done by the Mumbai-based Textiles Commissioner (TC). The online system will be in operation with effect from September 15. On the commencement of the online system, the system of submitting the application in physical form will stand discontinued, officials said here. The government had already announced lifting of all restrictions on cotton exports for the crop year 2010-11 beginning October 1.
However, the annual exports would be subject to a ceiling of 55 lakh bales of 170 kg each after which the export duty will kick in.
The introduction of the online system would help exporters know the status of their registration applications and allow the government to keep a ready tab on the dispatches leaving the country. The cotton marketing season begins from October.
The decision to shift to online system for registration and remove the restrictions was taken at a meeting of Commerce Secretary, Rahul Khullar, Agriculture Secretary, P.K. Basu and Textiles Secretary, Rita Menon on September 1.
