Updated By: LatestGKGS Desk
Union Government declares a new import policy for marble and travertine blocks from this year which applicable from 1st October 2016.
The policy aims to balance the interests of domestic consumers, producers, processors, and ease the system for import of marble & travertine blocks.
1. It ends the quantitative restriction on the import of marble and travertine blocks.
2. It also ends the cumbersome and restrictive import licensing system.
3. The Minimum Import Price (MIP) for marble blocks has been reduced to 200 US dollar per metric ton.
4. To address the interest of domestic producers, the basic customs duty on import of marble and travertine blocks has been increased from 10% to 40 %.
5. The basic customs duty on the import of marble slabs is doubled to 20% and MIP on the import of marble slabs is being reduced to 40 US dollar per square metre.
6. The basic customs duty on import of granite slabs has been doubled to 20% and the MIP on the import of granite slabs has been reduced to 50 US Dollars per square metre.
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