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TMI BlogClarification regarding registration of contracts of cotton and cotton yarn with DGFT.X X X X Extracts X X X X X X X X Extracts X X X X ..... istration of contracts of cotton yarn was notified through Policy Circular No. 27 of 01.04.2011. Thereafter, Trade Notice No. 19 dated 30.08.2011 stipulating procedure for imposition of penalty for failure to export cotton yarn in terms of Policy Circular No. 27 was issued. 2. Notification No. 62 (RE-2010)/2009-14 dated 02.08.2011, removed the cap on export of cotton for the remaining part of cotton year 2010-11 (October-September) and export of cotton (HS codes-5201 & 5203) was made "Free" subject to registration of export contracts with DGFT. Procedure for registration of contracts of cotton was notified through Notification No. 63 of 04.08.2011. This procedure continues for the current cotton year w.e.f. 01.10.2011 except that the perfo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Notification No. 62 dated 02.08.2011, the exporters have the option to obtain more than one RCs. Therefore, in case any exporter wants to surrender some RCs as unutilized/partially utilized, a penalty of Rs. 10,000/- plus 1% of the FOB value of shortfall quantity in excess of allowance of -5% should be imposed. 3 A variation of -5% in weight against RCs for cotton yarn has been allowed. Whether the same is applicable for raw cotton and cotton waste also. Yes. The same dispensation will also apply in case of cotton(HS codes 5201 & 5203). For RCs of cotton waste (HS code 5202) issued prior to 01.10.2011, the same will be applicable. 4 Can the request for (i) change in buyers detail be accepted. (ii) change in buyers name be accept ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Such cases should be regularized by way of imposition of penalty. 9 Whether request for amendment of quantity (either enhancing or reducing) may be accepted. The same is permitted with the condition that export has to be completed within the validity of RC. 10 Whether loading of cargo meant for export(by rail/road) at any place in the country within the validity of RC should be accepted as fulfillment of export. No. The goods which have been physically handed over to the customs at relevant ports and Let Export Order(LEO) issued within the validity of RC can only be treated as fulfillment of export against RC. 4. This issues with the approval of Director General of Foreign Trade. (Hardeep Singh) Joint Director General of Foreign ..... X X X X Extracts X X X X X X X X Extracts X X X X
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