Finance Ministry asks Customs to monitor conditions for cotton export
March, 15th 2012
The Finance Ministry today asked customs officials to "strictly monitor" the conditions imposed by the Commerce Ministry on cotton exports.
While lifting the cotton export ban yesterday, the government had said that the actual shipments would be allowed only after the scrutinisation and revalidation of registration entitlements.
"Considering the sensitivity of the issue, the Board desires that the field formation should strictly monitor the conditions imposed by the DGFT (under the Commerce Ministry)," Central Board of Excise and Customs (CBEC) said in a circular.
The CBEC has directed all chief commissioners of customs and director generals of CBEC to monitor exports.
Before the ban, which was imposed on March 5, the government had issued registration certificates (RCs) for export of about 13 million bales (170 kg each) of cotton. Out of that, 9.5 million bales have already been shipped.
The Commerce Ministry has decided to scrutinise and revalidate the RCs for export of the remaining 3.5 million bales of cotton.