The Director General of Foreign Trade (DGFT) on Friday announced that in the wake of Mumbai blast and its impact on trade in the aftermath, it had decided to extend by a week the time given to cotton exporters for registration and submission of documents.
The government had allowed additional export of one million bales in June beyond 5.5 million bales for the current cotton season (October-September) fixed earlier. In all, 6.5 million bales were allowed to be exported. One bale is equal to 170 kg. While the allocation for 5.50 million bales had already been made, documents were called for by the DGFT by July 15. However, it had received requests for extension in view of disruption of work in Mumbai. Therefore, the closing date was being extended by one week up to July 22, the DGFT said.
But, it said the last date for effecting exports remained unchanged at September 15. The government had fixed a quantitative restriction on cotton export in the wake of domestic prices shooting up last year.
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With a correction in prices, the Commerce Ministry in coordination with the ministries of textiles and agriculture has been reviewing the situation. It was in the context of easing of prices in the domestic market that additional export of one million bales was allowed.