ANNOUNCEMENT 12 Sep 2011In September 2011, the government of India announced a rule change relating to export registration.
NUMBER OF INTERVENTIONS
Notification No. 74(2010)/2009-14
On 12 September 2011, the Indian Ministry of Commerce & Industry through Notification No. 74(2010)/2009-14 amended the procedures for obtaining a Registration Certificate for export of Cotton by removing the requirement to submit a Performance guarantee.
According to the procedure for obtaining a Registration Certificate for export of cotton notified in August 2011, the exporters had to submit at the time of application for an RC "a performance guarantee in the form of a Bank Guarantee for 2.5% of the value equivalent of the quantity for which RC is being applied, or for Rs 1 lakh, whichever is more".This requirement has been removed by the current measure.