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Core Purpose

The Central Board of Indirect Taxes and Customs revises the tariff values for crude and refined palm oil, palmolein, soya bean oil, brass scrap, gold, silver, and areca nuts under the Customs Act, 1962.

Detailed Summary

Notification No. 43/2024-Customs (N.T.), S.O. 2330(E), issued by the Central Board of Indirect Taxes and Customs, Department of Revenue, Ministry of Finance, on 14 June 2024 under sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), amends the principal notification No. 36/2001-Customs (N.T.) dated 3 August 2001 (S.O. 748(E)) by substituting Tables 1, 2 and 3 fixing tariff values for imported goods. Table 1 sets per-metric-tonne values in US dollars: Crude Palm Oil 906, RBD Palm Oil 932, Other Palm Oil 919, Crude Palmolein 935, RBD Palmolein 938, Other Palmolein 937, Crude Soya bean Oil 988, and Brass Scrap (all grades) 5669. Table 2 fixes Gold at US$744 per 10 grams and Silver at US$945 per kilogram (including gold and silver covered by entries 356 and 357 of Notification No. 50/2017-Customs dated 30.06.2017, and non-medallion silver and non-tola gold bars/coins under Chapter 71). Table 3 fixes Areca nuts at US$6242 per metric tonne. The notification takes effect from 15 June 2024 and was last amended by Notification No. 38/2024-Customs (N.T.) dated 31 May 2024 (S.O. 2162(E)). It is signed by Komila Punia, Deputy Secretary, under F. No. 467/01/2024-Cus.V.

Full Text

CG-DL-E-14062024-254710 EXTRAORDINARY PART II—Section 3—Sub-section (ii) 3576 GI/2024 (1) MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NOTIFICATION New Delhi, the 14th June, 2024 No. 43/2024-CUSTOMS (N.T.) S.O. 2330(E).—In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient to do so, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3rd August, 2001, namely:- In the said notification, for TABLE-1, TABLE-2, and TABLE-3 the following Tables shall be substituted, namely: - “TABLE-1 | Sl. No. | Chapter/ heading/ sub- heading/tariff item | Description of goods | Tariff value (US $Per Metric Tonne) | |---|---|---|---| | (1) | (2) | (3) | (4) | | 1 | 1511 10 00 | Crude Palm Oil | 906 | | 2 | 1511 90 10 | RBD Palm Oil | 932 | | 3 | 1511 90 90 | Others – Palm Oil | 919 | | 4 | 1511 10 00 | Crude Palmolein | 935 | | 5 | 1511 90 20 | RBD Palmolein | 938 | | 6 | 1511 90 90 | Others – Palmolein | 937 | | 7 | 1507 10 00 | Crude Soya bean Oil | 988 | | 8 | 7404 00 22 | Brass Scrap (all grades) | 5669 | TABLE-2 | Sl. No. | Chapter/ heading/ sub- heading/tariff item | Description of goods | Tariff value (US $) | |---|---|---|---| | (1) | (2) | (3) | (4) | | 1. | 71 or 98 | Gold, in any form, in respect of which the benefit of entries at serial number 356 of the Notification No. 50/2017-Customs dated 30.06.2017 is availed | 744 per 10 grams | | 2. | 71 or 98 | Silver, in any form, in respect of which the benefit of entries at serial number 357 of the Notification No. 50/2017-Customs dated 30.06.2017 is availed | 945 per kilogram | | 3. | 71 | (i) Silver, in any form, other than medallions and silver coins having silver content not below 99.9% or semi- manufactured forms of silver falling under sub-heading 7106 92; (ii) Medallions and silver coins having silver content not below 99.9% or semi-manufactured forms of silver falling under sub-heading 7106 92, other than imports of such goods through post, courier or baggage. Explanation. - For the purposes of this entry, silver in any form shall not include foreign currency coins, jewellery made of silver or articles made of silver. | 945 per kilogram | | 4. | 71 | (i) Gold bars, other than tola bars, bearing manufacturer’s or refiner’s engraved serial number and weight expressed in metric units; (ii) Gold coins having gold content not below 99.5% and gold findings, other than imports of such goods through post, courier or baggage. Explanation. - For the purposes of this entry, “gold findings” means a small component such as hook, clasp, clamp, pin, catch, screw back used to hold the whole or a part of a piece of Jewellery in place. | 744 per 10 grams | TABLE-3 | Sl. No. | Chapter/ heading/ sub- heading/tariff item | Description of goods | Tariff value (US $ Per Metric Ton) | |---|---|---|---| | (1) | (2) | (3) | (4) | | 1 | 080280 | Areca nuts | 6242” | 2. This notification shall come into force with effect from the 15th day of June, 2024. [F. No. 467/01/2024-Cus.V] KOMILA PUNIA, Dy. Secy. Note: - The principal notification was published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide Notification No. 36/2001–Customs (N.T.), dated the 3rd August, 2001, vide number S. O. 748 (E), dated the 3rd August, 2001 and was last amended vide Notification No. 38/2024-Customs (N.T.), dated the 31st May 2024 e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 2162 (E), dated 31st May 2024. and Published by the Controller of Publications, Delhi-110054. KUMAR JAISWAL Date: 2024.06.14 22:13:15 +05'30' AMIT KUMAR JAISWAL

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