Government's move to remove the requirement of registration certificates for cotton yarn exports would help reduce transaction costs, Cotton Textiles Export Promotion Council said today.
The government yesterday relaxed export norms for cotton and cotton yarn, doing away with the need to register contracts, to help boost outbound shipments of the commodity.
"This is a proactive and progressive step which will reduce transaction costs for the exporters of Cotton Yarn," the exporters' industry body said in a statement.
Earlier, exports of cotton yarn were subjected to registration procedure laid down by DGFT.
TEXPROCIL said the move will also contribute towards ease of doing business and simplification of procedures.
India had exported 1,082 million kg cotton yarns valued at USD 3.75 billion in the first 10 months (April-January) of 2013-14.
