India Cancels Cotton Export Tax And Export Restrictions Since October 1St
India
The government announced on Tuesday that India will begin canceling the export restrictions on cotton and the export tax of 2500 rupees / tons starting in October 1st.
A senior government official said that the opening of cotton general export license in October 1st will mean that cotton exports will no longer be restricted and cotton export taxes will be abolished.
In April and May this year, the government adopted a series of measures to curb cotton exports and curb domestic exports.
cotton
Prices have risen sharply.
The new export contract is levied 2500 rupee / ton export tax, while export must apply for a license.
It is understood that the textile Commissioner's office will begin to register export contracts from September, and exporters can now register to fulfill export contracts in October when new cotton is listed.
The export of cotton will be attributed to unlimited products, but exporters must register for export at the Commissioner of textiles.
In addition, the Ministry of Commerce, the Ministry of textiles and
Ministry of Agriculture
Senior officials will meet in September 1st to review cotton production projections, demand and prices, including the domestic and international situation.
They may decide on the scale of export of cotton.
Cotton production in India increased slightly to 5 million 100 thousand tons in 2010-11, slightly higher than 5 million 10 thousand tons.
On the other hand, domestic demand is estimated at 4 million 590 thousand tons, higher than 4 million 250 thousand tons.
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