India Sets 8 Lakh Metric Ton Quota for 2014-15 Marble Imports; Licenses Require Gangsaw Machine, 5 Crore Turnover

The Government of India issued a notification detailing the policy for import licenses of Rough Marble and Travertine Blocks for the financial year 2014-15. The policy, effective under the Foreign Trade (Development and Regulation) Act, 1992, sets a quota of 8 lakh metric tons and a minimum import price of US$ 325 per metric ton. Eligibility for import licenses requires units to have installed a marble gangsaw machine by March 31, 2014, a minimum turnover of 5 crores from processed marble slabs/tiles over three years, and registration with Central Excise Authorities. Import licenses are valid until December 31, 2015, with mandatory monthly reporting of imports. Applications must be submitted by December 24, 2014.