Gujarat ginners adopt measures to contain cotton prices (India)
Recently a meeting of the members of the “All Gujarat Cotton Ginning Association” was held on September 19, to discuss the ever increasing prices of cotton. With a view to contain the flare-up in prices of raw cotton, the association decided to implement a few measures, which will be implemented from October 4, 2010.
With effect from October 4, the commission payable to cotton agents will stand at Rs 50 per candy (1 candy = 356 kg), instead of 1 percent on total value, charged by agents currently.
The second crucial decision taken pertain to payments. Effective from October 4, payments will have to be made within 11 days, instead of 21 days, which is the present norm.
The association has sent a copy of this new notification for their approval.
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