Last Updated :
03 September 2010 at 17:35 IST
India to allow unrestricted cotton exports from Oct 1
NEW DELHI (Commodity Online): India is projected to have a record cotton production this season with 330 lakh bales and will allow unconstraint export of cotton, said a government official on Friday.
India’s Central government has decided to allow mills to export 55 lakh bales of cotton abruptly from the start of next season October 1, the official who declined to be named said.
However, the government would levy export duty of Rs 2,500 per ton for the export beyond the 55 lakh bales, he added.
India’s cotton production in the year 2009-2010 stood at 292 lakh bales. One bale is equal to 170 kg. However, exporters will have to register their overseas contracts with the Textiles Commissioner. The registration process is scheduled to start from September 15, he said.
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