Conditions of Swing Transfers
(a) All swing transfers are made only in respect of the current textile
year of the quota concerned. For the purpose of future quota calculation, shipments made against a swing transfer will be counted as past performance in that group/category from which the yardage has been swung out and this performance will be credited to the company from whose quota the necessary surrender of yardage for the swing has been made.
(b) The yardage for a swing transfer may be obtained from quota held
by another company in another group/category. Anticipated quota, where applicable, may not be used for swing transfer purposes.
(c) A company which has swung yardage under these arrangements into
a group/category may subsequently swing out yardage from its quota allocation in that same group/category, and vice versa.
(a) The yardage secured through a swing transfer may not be swung out or transferred out either on a temporary or permanent basis.
(e). On all export licence applications in respect of shipments made
against an approved swing transfer the reference number given in the top right hand corner on the reverse of the form must be quoted. Any licence application made without this number will result in the shipment being debited against the company's ordinary quota.
(f) The Department undertakes no obligation to inform a company which has supplied yardage to another company under the swing scheme of the receiving company's performance against a swing transfer. Such information may, however, be obtained on written request to the Department.
(g) The Director of Commerce and Industry reserves the right to refuse
any application for swing transfers without assigning any reason.
WARNING
The Director of Commerce and Industry accepts no liability whatsoever in the event quota systems are revised, amended or abolished altogether and that this causes a company which has obtained a swing transfer to lose the transferred quantity. Similarly, the fact that swings have taken place will have no bearing on the administration of quota controls or in any way influence their revision, amendment or abolition when circumstances require.
For Official Use Only
Initials
Transferor's Quota Card adjusted
Transferee's Quota Card opened
Swing Transfer record entered
Letter of Approval issued by Registered Post