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Date: 2014-12-08 Category: Extra Ordinary State: Union Government Country: India

Amendment in export policy of cotton yarn.

Issued by Ministry of Commerce and Industry · NOT available

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Executive Summary & Key Takeaways

Executive Summary: This notification, effective December 8, 2014, amends the export policy for cotton yarn by modifying Chapter 52 of Schedule 2 of the ITC (HS) Classification of Export and Import Items. The Central Government, using powers from the Foreign Trade Development and Regulation Act of 1992, has removed the registration requirement for exporting cotton yarn. This change impacts exporters and importers of cotton yarn, specifically tariff codes 5205, 5206, and 5207. Key Points / Main Content: * **Amendment Authority:** The Central Government is authorized to make these amendments under Section 5 of the Foreign Trade Development and Regulation Act, 1992, read with Para 1.3 of the Foreign Trade Policy, 2009-2014. * **ITC (HS) Classification Changes:** * Sl. No. 200, 201, and 202 of Chapter 52 of Schedule 2 are amended. * The existing entries for these items are substituted with new descriptions specifying "Cotton yarn other than sewing thread" under different conditions (containing 85% or more by weight of cotton, containing less than 85% by weight of cotton, and put up for retail sale). * All items are now under a "Free" Export Policy. * **Registration Requirement Removal:** The requirement for registration for the export of cotton yarn under Tariff Codes 5205, 5206, and 5207 is eliminated. Impact Analysis: * **Exporters of Cotton Yarn:** * Impact: Exporters of cotton yarn (Tariff Codes 5205, 5206, and 5207) no longer need to register to export these goods. * Action Required: Cease registration activities for the export of cotton yarn under the specified tariff codes. * **Importers of Cotton Yarn:** * Impact: The notification primarily affects export procedures, but importers should be aware of the updated export policies for cotton yarn. * Action Required: Stay informed about the changes in export policies for cotton yarn, as they may indirectly affect import conditions and supply chains.

Key Entities Referenced

Foreign Trade Development Regulation Act, 1992: An act of the Indian Parliament which grants the Central Government powers regarding foreign trade. Foreign Trade Policy, 2009-14: A policy document outlining the guidelines and objectives for India's foreign trade during the specified period. Central Government: The executive authority of the Republic of India. ITC HS Classification of Export Import Items: Indian Trade Classification (Harmonized System) used for classifying export and import items. New Delhi: The capital of India, where the notification was issued. Ministry of Commerce and Industry: A ministry of the Government of India responsible for developing and directing policies related to foreign trade. Pravir Kumar: Director General of Foreign Trade. Cotton yarn: A textile product that is the subject of this notification, specifically regarding export policy.
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