New Delhi: The Department of Commerce, Ministry of Commerce and Industry, Government of India has notified the new import policy for Marble & Travertine Blocks, and Marble and Granite Slabs, to come into effect from 1st October 2016.
Marble and Travertine Blocks: The Quantitative Restriction on the import of Marble & Travertine Blocks, and the associated administratively cumbersome and restrictive import licensing system has been brought to an end under the new policy coming into effect from 1st October 2016. The Minimum Import Price (MIP) for import of Marble Blocks has been reduced to US Dollars 200 per Metric Ton to address the distortions associated with an MIP. To address the interest of domestic producers, the Basic Customs Duty on import of Marble & Travertine Blocks will go up four times from the present 10% to 40% w.e.f. 1st October 2016.
Marble Slabs: With effect from 1st October 2016, the MIP on the import of marble slabs is being reduced to US Dollars 40 per Sq. Metre to address the distortion associated with an MIP. In order to address the interest of domestic producers the basic customs duty on import of marble slabs is being doubled from 10% to 20% w.e.f. 1st October 2016
Granite Slabs: With effect from 1st October 2016, the MIP on the import of granite slabs is being reduced to US Dollars 50 per Sq. Metre to address the distortion associated with MIP. In order to address the interest of domestic producers the basic customs duty on import of granite slabs is being doubled from 10% to 20% w.e.f. 1st October 2016.
The new policy balances the interests of domestic consumers, producers and processors, and ends the cumbersome licensing system for import of Marble & Travertine blocks.
