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News:The Ministry of Commerce and Industry has allocated separate HS code for Khadi to boost exports of this signature fabric of India.
Facts:
About HS Code:
- HS stands for Harmonized System and was developed by the World Customs Organization (WCO).
- The code is used by customs officers to clear commodities entering or crossing international borders.
- The code aids countries in the collection of international trade statistics and forms a basis for customs tariffs.This helps in better reach of the product and increases its global popularity.
Additional information:
About WCO:
- The WCO is an inter governmental organization headquartered in Brussels,Belgium.It was founded in 1952.
- It administers the technical aspects of WTO, agreements on customs valuation and rules of origin
- WCO represents 182 Customs administrations across the globe that collectively process approximately 98% of world trade.
About Khadi:
- Khadi refers to hand-spun and hand-woven cloth.The raw materials may be cotton, silk, or wool, which are spun into threads on a charkha.
- Khadi was launched in 1920 as a political weapon in the Swadeshi movement of Mahatma Gandhi.
