India revise cotton registration and certification procedures to speed up cotton exports
In order to speed up the review of cotton review applications submitted by cotton merchants, the Directorate General of Foreign Trade under the Ministry of Commerce of India has recently modified the procedures for obtaining registration certification (RCS). Previously, a certification of registration took weeks, sometimes months, to obtain. After the introduction of the new application method, a registration certification will only take one or two days to be issued.
New procedures require faster exports, especially since the General Administration of Foreign Trade revised guidelines for cotton exporters earlier this month. Generally speaking, it takes at least one month for an exporter to complete the export quantity from the date of registration certification. The 50% mandatory shipment clause therefore requires expedited execution of export orders with the aim of obtaining another registration certification for the next consignment.
Although the government has allowed exports, in the Ahmedabad spot market, the price of the benchmark Shankar 6 cotton variety has remained stable at 35,000 rupees/candy (356 kg). So far, 16 million bales of cotton have been exported. By the end of this month, exporters expect the export volume to increase to 20 million bales.
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