New import policy for marble and travertine blocks
The Dollar Business Bureau
The Department of Commerce and the Customs department of India have via notification no- 49/2016-CUSTOMS dated 16th September 2016, notified of the new import policy for Marble & Travertine Blocks and Marble and Granite slabs that will come into effect from 1st October 2016. According to the new notification, the following changes have been made to the import licensing system for marble and travertine blocks.
Rough Marble and Travertine Blocks: The Quantitative Restriction on the import of Rough Marble & Travertine Blocks, and the associated cumbersome administrative functions of the import licensing system has been brought to an end under the new policy coming into effect from 1st October 2016. The Minimum Import Price (MIP) for import of Rough Marble Blocks has been reduced to $200 per metric tonne to address the distortions associated with a MIP. This is being done to address the interest of domestic producers. With this, the Basic Customs Duty on the import of Marble & Travertine Blocks will increase four times from the present 10% to 40% w.e.f. 1st October 2016.
Marble Slabs: With effect from 1st October 2016, the MIP on the import of marble slabs is being reduced to $40 per sq. metre to address the distortion associated with an MIP. In order to address the interest of domestic producers the basic customs duty on import of marble slabs is being doubled from 10% to 20% w.e.f. 1st October 2016.
Granite Slabs: With effect from 1st October 2016, the MIP on the import of granite slabs is being reduced to $50 per sq. metre to address the distortion associated with MIP. In order to address the interest of domestic producers 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. It remains to be seen what effect this will have on the overall imports of the country.
