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In an effort to balance the interests of domestic consumers, producers and processors, and ease the system for import of marble & travertine blocks, the government has notified a new policy with effect from October 1, 2016.
Under the new policy, the Department of Commerce has notified the end of quantitative restriction on imports of marble & travertine blocks, as well as the associated restrictive import licensing system.
The minimum import price (MIP) for import of marble blocks has been reduced to $200/ tonne to address the distortions, a Commerce Ministry release said. Further, to address the interest of domestic producers, basic customs duty on import of marble & travertine blocks will go up four times from the present 10 per cent to 40 per cent from October 1.
The MIP on marble slabs is also being reduced to $40 per sq. metre and basic customs duty is being doubled from 10 per cent to 20 per cent.
As regards granite slabs, the MIP is being reduced to $50 per sq. metre and basic customs duty on import is being doubled from 10 per cent to 20 per cent from October 1, 2016, the release added.
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