Registration for cotton exports deferred till Oct 1

By IANS,

New Delhi : Registration for cotton export contracts will start from Oct 1, a fortnight later than earlier planned, in a bid to contain speculative rise in prices, Commerce Secretary Rahul Khullar said Wednesday.

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“Cotton prices surged on speculation in the last few weeks. This is causing problems for the industry,” said Khullar, adding the government had deferred the plan to cool down the situation.

Online registration for export of cotton was supposed to begin from Sept 15.

The government had announced earlier this month it would allow up to 55 lakh bales cotton exports during fiscal 2010-11.

“There is no reversal in the policy. We are taking the steps to contain speculative surge in prices,” Khullar said.