Weekly Current Affairs

New marble import policy to end licence raj [Economy]

  • The commerce ministry had notified the new import policy for marble.
  • It aims to balance interests of domestic consumers, producers and processors, and end cumbersome licensing system for import of marble & travertine blocks.
  • The Minimum Import Price (MIP) for marble blocks has been reduced to $200 per Metric Ton to address the distortions associated with an MIP.
  • The MIP on the import of marble slabs is being reduced to $40 per sq. metre. The MIP on the import of granite slabs is being reduced to $50 per sq. metre.
  • Special Investigation Team (SIT) constituted to probe black money, had among other measures, recommended doing away with MIP on products such as marble, indicating that continued imposition of MIP could lead to money laundering.
  • The SIT had mooted strong action under the anti-money laundering legislation to prevent foreign trade-linked money laundering.
  • To address the interests of domestic producers, the Basic Customs Duty on import of Marble & Travertine Blocks will go up from the present 10 per cent to 40 per cent.
  • Similarly, the basic customs duty on import of marble slabs and granite slabs is being doubled to 20 per cent.