New Delhi, Sep 18 (IANS): 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 US Dollars 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."