New import policy for marbles, blocks from October 1

The government's new import policy for different types of marble and travertine blocks is aimed at balancing interests of domestic consumers, producers and processors.

"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," Commerce and Industry Ministry said in a press release.

The objective of the new policy is to balance the interests of domestic consumers, producers and processors, and to end the cumbersome licensing system for import of marble and travertine blocks.

According to statement, 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 October 1, 2016.

The Minimum Import Price (MIP) for marble blocks has been reduced to USD 200 per metric tonne to address the distortions associated with an MIP.

To address the interest of domestic producers, the basic customs duty on import of marble and travertine blocks will go up four times from the present 10 to 40 per cent.

It said that the MIP on the import of marble slabs is being reduced to USD 40 per square metre to address the distortion associated with 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 per cent.

The MIP on the import of granite slabs is being reduced to US Dollars 50 per square 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 per cent in this policy.