GET Stock QuotesNews18 APP
News18 English
cricketnext
»
1-min read

New Import Policy For Marble, Granite to Remove Restrictions

The government announced the new import policy for marble, travertine blocks and granite slabs which removes various restrictions and comes into effect from October 1, 2016.

IANS

Updated:September 18, 2016, 1:32 PM IST
facebookTwittergoogleskypewhatsapp
New Import Policy For Marble, Granite to Remove Restrictions
File photo of Minister of Commerce and Industry

New Delhi: The government on Sunday announced the new import policy for marble, travertine blocks and granite slabs which removes various restrictions and comes into effect from October 1, 2016.

According to the Ministry of Commerce and Industry, the quantitative restriction on the import of marble and travertine blocks, and the associated administratively cumbersome and restrictive import licensing system has been brought to an end under the new policy.

"The minimum import price (MIP) for import of marble blocks has been reduced to $ 200 per metric ton to address the distortions associated with an MIP," the Ministry of Commerce and Industry said in a 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 per cent to 40 per cent w.e.f. 1st October 2016."

As per the ministry, with effect from October 1, 2016, the MIP on the import of marble slabs will be reduced to $40 per square metre.

"In order to address the interest of domestic producers the basic customs duty on import of marble slabs is being doubled from 10 per cent to 20 per cent w.e.f. 1st October 2016," the statement said.

The ministry pointed out that the MIP on the import of granite slabs will come down to $50 per square metre.

"In order to address the interest of domestic producers the basic customs duty on import of granite slabs is being doubled from 10 per cent to 20 per cent w.e.f. 1st October 2016," the statement said.

"The new policy balances the interests of domestic consumers, producers and processors, and ends the cumbersome licensing system for import of marble and travertine blocks."

Read full article
Next Story
facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Avenue Supermar 1,116.05 +87.05 +8.46
Dewan Housing 556.40 +31.85 +6.07
HDFC Bank 1,792.30 -7.45 -0.41
Vedanta 318.25 +11.45 +3.73
HDFC 1,741.25 -13.80 -0.79
Company Price Change %Gain
Deep Industries 226.15 +13.10 +6.15
Avenue Supermar 1,116.80 +87.95 +8.55
Aurobindo Pharm 708.50 +5.95 +0.85
JSW Steel 242.30 +5.35 +2.26
Adani Ports 390.55 +2.50 +0.64
Top Gainers
Company Price Change %Gain
ONGC 171.40 +6.60 +4.00
Vedanta 318.25 +11.45 +3.73
Indiabulls Hsg 1,242.70 +38.75 +3.22
Hindalco 234.60 +5.50 +2.40
Tata Steel 654.10 +14.35 +2.24
Company Price Change %Gain
ONGC 171.55 +7.10 +4.32
Tata Steel 654.15 +14.00 +2.19
Axis Bank 510.40 +9.10 +1.82
Lupin 1,005.15 +13.85 +1.40
Coal India 260.30 +3.35 +1.30
Top Losers
Company Price Change %Gain
Bharti Infratel 376.40 -14.95 -3.82
BPCL 469.25 -17.90 -3.67
HUL 1,217.35 -29.80 -2.39
Tata Power 79.95 -1.90 -2.32
Dr Reddys Labs 2,370.75 -46.50 -1.92
Company Price Change %Gain
HUL 1,217.55 -28.80 -2.31
Dr Reddys Labs 2,366.75 -50.75 -2.10
Asian Paints 1,169.00 -27.25 -2.28
TCS 2,474.90 -33.30 -1.33
M&M 1,246.05 -13.30 -1.06

Live TV