The government today came out with a new import policy for different types of marble and travertine blocks to balance the interests of domestic consumers, producers and processors.
The notified policy will come into effect from October 1 this year.
"The new policy balances the interests of domestic consumers, producers and processors, and ends the cumbersome licensing system for import of marble and travertine blocks," the Directorate General of Foreign Trade (DGFT) said in a notification.
For marble and travertine blocks, it claimed that the quantitative restriction on the imports and the restrictive import licensing system have been brought to an end under the new policy.
The Minimum Import Price (MIP) for marble blocks has been reduced to USD 200 per tonne to address the distortions associated with 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 per cent to 40 per cent w.E.F. October 1," it said.
It also said that the MIP on the imports of marble slabs is being reduced to USD 40 per sq metre.
The basic customs duty on the import of marble slabs is being doubled from 10 per cent to 20 per cent from October 1.
Further the MIP on the import of granite slabs is being reduced to USD 50 per sq metre to address the distortion associated with MIP.
On this, the basic customs duty on import of granite slabs is also doubled from 10 per cent to 20 per cent, it added.
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