Govt To Take Decision On Exportable Quantity Of Cotton This Week (30-Aug-2010)
The government is expected to take decision on exportable quantity of cotton this week. The move follows recent lifting of the export ban on the cotton which was imposed earlier this year to restrict spiraling prices in the domestic markets. The Central government is also mulling to abolish the export tax from October 1.
The decision on how much quantity of cotton to be allowed to be exported will be decided after the textiles ministry reviews the level of cotton production for the current year on September 01. Few industry experts are saying that the cap on the exportable quantity may be fixed at 5 million bales (1 bale = 170 kg).
Exports up to the restricted limit may not be charged any export tax while anything above that will be subject to prohibitive tax regime, as indicated by the Commerce secretary Rahul Khullar.
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