New Delhi, Jun 19 (PTI) Cotton exporters, who fail to ship the quantity allocated to them within the stipulated period, will be debarred from future allocations, according to tough norms of the commerce ministry.

The Directorate General of Foreign Trade (DGFT) has said it would also initiate penal action against the defaulting exporters.

Cotton exports are being restricted through a quota in the wake of shortages. While initially, the quota allocation was 55 lakh bales (170 kg each), the same has been increased to 65 lakh bales.

Additional 10 lakh bales of cotton were allowed during the current season ending September.

"...he (exporter) shall be liable to a penalty of not less than ten thousand rupees and not more than five times the value of the goods or services or technology in respect of which any contravention is made or attempted to be made, whichever is more," DGFT said.

June 19, 2011

Source: ptinews.com

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