New Delhi, Sep 19 (KNN) Keeping in view the interest of domestic industry, Ministry of Commerce has notified the new import policy for Marble & Travertine Blocks, and Marble and Granite Slabs, to come into effect from 1st October 2016. Under the new policy 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.

“The Minimum Import Price (MIP) for import of Marble Blocks has been reduced to US Dollars 200 per Metric Ton to address the distortions associated with an MIP,” the Ministry said in an official statement.

To address the interest of domestic producers, the Basic Customs Duty on import of Marble & Travertine Blocks will go up four times from the present 10% to 40% w.e.f. 1st October 2016.

With regards to Marble Slabs, with effect from 1st October 2016, the MIP on the import of marble slabs is being reduced to US Dollars 40 per Sq. Metre.

While the basic customs duty on import of marble slabs is being doubled from 10% to 20%.

The MIP on the import of granite slabs is being reduced to US Dollars 50 per Sq. Metre to address the distortion associated with MIP.

The basic customs duty on import of granite slabs is being doubled from 10% to 20% w.e.f. 1st October 2016.

“The new policy balances the interests of domestic consumers, producers and processors, and ends the cumbersome licensing system for import of Marble & Travertine blocks,” said the Ministry. (KNN Bureau)