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Core Purpose

Notification amending tariff values for specified imported goods (edible oils, brass scrap, precious metals, areca nuts) under sub-section (2) of section 14 of the Customs Act, 1962.

Detailed Summary

Vide Notification No. 73/2024-Customs (N.T.), S.O. 4777(E) dated 30th October 2024, the Central Board of Indirect Taxes and Customs (Department of Revenue, Ministry of Finance), exercising powers under sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), amended Notification No. 36/2001-Customs (N.T.) dated 3rd August 2001 (S.O. 748(E) dated 3rd August 2001), as last amended by Notification No. 69/2024-Customs (N.T.) dated 23rd October 2024 (S.O. 4642(E)), by substituting Tables 1, 2 and 3 with revised tariff values effective from 31st October 2024: Table-1 sets tariff values in US$ per metric tonne for Crude Palm Oil ($1046), RBD Palm Oil ($1058), other Palm Oil ($1052), Crude Palmolein ($1063), RBD Palmolein ($1066), other Palmolein ($1065), Crude Soya Bean Oil ($1057) and Brass Scrap (all grades) ($5463); Table-2 sets tariff values for Gold ($891 per 10 grams) and Silver ($1109 per kilogram) under Chapter 71/98, including gold/silver benefiting from entries 356/357 of Notification No. 50/2017-Customs dated 30.06.2017, silver of content not below 99.9%, and gold bars/coins meeting specified purity and marking criteria; and Table-3 retains the tariff value for Areca nuts (Chapter heading 080280) at $6552 per metric tonne, unchanged. The notification is signed by Megha Bansal, Under Secretary (F. No. 467/01/2024-Cus.V).

Full Text

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-30102024-258385 EXTRAORDINARY PART II—Section 3—Sub-section (ii) PUBLISHED BY AUTHORITY No. 4400] NEW DELHI, WEDNESDAY, OCTOBER 30, 2024/KARTIKA 8, 1946 MINISTRY OF FINANCE (Department of Revenue) [CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS] NOTIFICATION New Delhi, the 30th October, 2024 No. 73/2024-CUSTOMS (N.Τ.) S.O. 4777(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- | Description of goods | Tariff value | | | heading/tariff item | | (US $Per Metric Tonne) | +=======+=============================+===================================+========================+ | (1) | (2) | (3) | (4) | +-------+-----------------------------+-----------------------------------+------------------------+ | 1 | 1511 10 00 | Crude Palm Oil | 1046 | +-------+-----------------------------+-----------------------------------+------------------------+ | 2 | 1511 90 10 | RBD Palm Oil | 1058 | +-------+-----------------------------+-----------------------------------+------------------------+ | 3 | 1511 90 90 | Others - Palm Oil | 1052 | +-------+-----------------------------+-----------------------------------+------------------------+ | 4 | 1511 10 00 | Crude Palmolein | 1063 | +-------+-----------------------------+-----------------------------------+------------------------+ | 5 | 1511 90 20 | RBD Palmolein | 1066 | +-------+-----------------------------+-----------------------------------+------------------------+ | 6 | 1511 90 90 | Others - Palmolein | 1065 | +-------+-----------------------------+-----------------------------------+------------------------+ | 7 | 1507 10 00 | Crude Soya bean Oil | 1057 | +-------+-----------------------------+-----------------------------------+------------------------+ | 8 | 7404 00 22 | Brass Scrap (all grades) | 5463 | +-------+-----------------------------+-----------------------------------+------------------------+ TABLE-2 +-------+-----------------------------+--------------------------------------------------------------------------------------------------------------------------+-----------------------+ | Sl. No. | Chapter/heading/ sub- | Description of goods | Tariff value | | | heading/tariff item | | (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. | 891 per 10 grams | | | | 50/2017-Customs dated 30.06.2017 is availed | | +-------+-----------------------------+--------------------------------------------------------------------------------------------------------------------------+-----------------------+ | 2. | 71 or 98 | Silver, in any form, in respect of which the benefit of entries at serial number 357 of the Notification No. | 1109 per kilogram | | | | 50/2017-Customs dated 30.06.2017 is availed | | +-------+-----------------------------+--------------------------------------------------------------------------------------------------------------------------+-----------------------+ | 3. | 71 | (i) Silver, in any form, other than medallions and silver coins having silver content not below 99.9% or semi- | 1109 per kilogram | | | | 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. | | +-------+-----------------------------+--------------------------------------------------------------------------------------------------------------------------+-----------------------+ | | 71 | (i) Gold bars, other than tola bars, bearing manufacturer's or refiner's engraved serial number and | 891 per 10 grams | | | | 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. | | +-------+-----------------------------+--------------------------------------------------------------------------------------------------------------------------+-----------------------+ TABLE-3 +-------+-----------------------------+-------------------+----------------------------------+ | Sl. No. | Chapter/ heading/ sub- | Description of goods| Tariff value | | | heading/tariff item | | (US $ Per Metric Ton) | +=======+=============================+===================+==================================+ | (1) | (2) | (3) | (4) | +-------+-----------------------------+-------------------+----------------------------------+ | 1 | 080280 | Areca nuts | 6552 (i.e., no change)" | +-------+-----------------------------+-------------------+----------------------------------+ 2. This notification shall come into force with effect from the 31st day of October, 2024. [F. No. 467/01/2024-Cus.V] MEGHA BANSAL, Under 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. 69/2024-Customs (N.T.), dated the 23rd October 2024 e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 4642 (E), dated 23rd October 2024.

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