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Govt to impose new import policy for marbles, travertine blocks from October 1

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Indian pink Marble

A proclamation comes from the Department of Commerce, Ministry of Commerce and Industry.  According to the declaration, ‘The new import policy for Marble & Travertine Blocks, and Marble and Granite Slabs, to come into effect from 1st October 2016’.

The Intent Of the Notification:

The objective of the new policy is to stabilize the interests of domestic consumers, producers and processors, and to cusp the cumbersome licensing system for import of 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. It would be operational from October 1, 2016.

Indian pink Marble
Indian pink Marble

The Highlights:

  1. The Minimum Import Price (MIP) for marble blocks has been narrowed down to USD 200 per metric tonne to prevent the falsifications associated with a MIP.
  2. To alleviate the concern of domestic producers, the basic customs duty on import of marble and travertine blocks will go up four times. That is, from the present 10 to 40 percent. The MIP on the import of marble slabs is being minimised to USD 40 per square metre.
  3. 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 in this policy.
  4. The MIP on the import of granite slabs is being reduced to US Dollars 50 per square metre.

Source: economictimes, indiatimes
Image source: kishangarhmarble.blogspot.com, pixabay.com

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