Union Government notifies new import policy for marble & travertine blocks
Union Government has notified new import policy for marble & travertine blocks with effect from October 1, 2016.
The policy aims to balance the interests of domestic consumers, producers and processors, and ease the system for import of marble & travertine blocks.
Key Features of the Policy
- It ends the quantitative restriction on the import of marble and travertine blocks.
- It also ends the cumbersome and restrictive import licensing system.
- The Minimum Import Price (MIP) for marble blocks has been reduced to 200 US dollar per metric ton.
- 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 %.
- 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.
- 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.
Categories: India Current Affairs 2018