India completes the issuance of new cotton export quotas
Officials from the Indian Ministry of Trade claimed to have completed the issuance of an additional 1 million bales (170,000 tons) of cotton export quotas on July 6, eliminating market concerns about delays in quota issuance. Anup K. Pujari, director of the Directorate General of Foreign Trade of India (DGFT), said: We hope to complete the issuance of quotas on July 6. Delayed issuance may cause cotton to be unable to be exported. As some companies are dissatisfied with the new application system issued by DGFT, industry insiders are worried that it may delay the issuance of quotas.
In June, the Indian government issued an additional 1 million bales of export quotas and stipulated that only companies that have exported cotton in full compliance with government regulations in the past two years can apply for the new quotas. At the same time, it is stipulated that companies that fail to ship in full before September 15, 2011 will be fined 5 times the value of the goods.
Some industry officials pointed out that two companies have petitioned the court against DGFT’s blacklist, objecting to DGFT’s restriction on their participation in new cotton export quota applications. Pujari said companies with court-ordered agreements are eligible to apply.
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