Economy

DGFT allows free import of granites with minimum value of $80/sqm

PTI New Delhi | Updated on August 28, 2013

Imports of a certain variety of granite stones are allowed freely only if its value is $80 and above per square metre, the government has said.

“Now the import of items (Worked monumental or building stone)... is permitted freely if cost, insurance and freight (CIF) value is $80 and above per square metre,” the Directorate General of Foreign Trade (DGFT) said in a notification.

According to an official, the move is aimed at restricting those importers who were freely importing granite stones in the guise of marbles.

“Granite stones are expensive than marbles. The minimum import price for marble is only $325 per MT,” the official added.

Worked monumental or building stones which is a type of granite stone, are mainly used for flooring purposes.

In a separate notification, the DGFT has also notified the import policy for rough marble and travertine blocks for the year 2013-14.

“Import policy of rough marble and travertine blocks for the year 2013-14 has been notified with a quota of 6 lakh MT and an MIP (minimum import price) of $325 per MT,” it said.

The DGFT has also notified another import policy for allocation of quota for import of rough marble blocks for Indian companies investing abroad in marble mining, for the year 2013-14.

“Import policy for allocation of quota for import of rough marble blocks by Indian companies investing abroad in marble mining has been notified with an annual quota of 1 lakh MT,” it added.



Published on August 28, 2013

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