ECONOMIC AFFAIRS

Union Government notifies new import policy for marble & travertine blocks Union Government on 18 September 2016 notified the new import policy for marble and travertine blocks and marble and granite slabs. The policy will come into effect from 1 October 2016. The new policy ends the quantitative restriction on the import of marble and travertine blocks as well as 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. The basic customs duty on import of marble and travertine blocks has been increased from 10 percent to 40 percent to address the interest of domestic producers. Similarly, the MIP on the import of marble slabs is being reduced to 40 US dollar per square metre and the basic customs duty on the import of marble slabs is doubled to 20 percent. The MIP on the import of granite slabs has been reduced to 50 US Dollars per square metre and the basic customs duty on import of granite slabs has been doubled to 20 percent. The new policy balances the interests of domestic consumers, producers and processors, and ends the cumbersome licensing system for import of Marble & Travertine blocks.