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Core Purpose

Notification revising the tariff values for various goods (edible oils, gold, silver, brass scrap, areca nuts) under sub-section (2) of section 14 of the Customs Act, 1962, by substituting Tables 1, 2 and 3 of Notification No. 36/2001-Customs (N.T.).

Detailed Summary

This notification issued by the Central Board of Indirect Taxes and Customs, Department of Revenue, Ministry of Finance, dated 13th September 2024 (Notification No. 61/2024-Customs (N.T.), S.O. 3945(E)), exercises powers under sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), to amend Notification No. 36/2001-Customs (N.T.), dated 3rd August 2001 (S.O. 748(E)), by substituting Tables 1, 2 and 3 with revised tariff values effective from 14th September 2024, setting values in US dollars per metric tonne for Crude Palm Oil ($965), RBD Palm Oil ($976), Others-Palm Oil ($971), Crude Palmolein ($981), RBD Palmolein ($984), Others-Palmolein ($983), Crude Soya Bean Oil ($1011) and Brass Scrap ($5236); in US dollars per unit for Gold ($819 per 10 grams, referencing entry 356 of Notification No. 50/2017-Customs dated 30.06.2017) and Silver ($937 per kilogram, referencing entry 357 of the same notification); and Areca Nuts at $6868 per metric tonne (unchanged); the notification (F. No. 467/01/2024-Cus.V) notes the principal notification was last amended vide Notification No. 56/2024-Customs (N.T.), dated 30th August 2024 (S.O. 3720(E)), and was signed by Megha Bansal, Under Secretary.

Full Text

5924 GI/202 4 (1) EXTRAORDINARY PART II —Section 3 —Sub-section ( ii) PUBLISHED BY AUTHORITY No. 3607 ] NEW DELH I, FRIDAY , SEPTEMBER 13, 2024/BHADRA 22, 1946 CG-DL-E-13092024-257158 (1) (2) (3) (4) (1) (2) (3) (4) (1) (2) (3) (4) MINISTRY OF FINANCE (Department of Revenue ) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS ) NOTIFICATION New Delhi, the 13th September , 2024 No. 61/2024-CUSTOMS (N.T.) S.O. 3945 (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 965 2 1511 90 10 RBD Palm Oil 976 3 1511 90 90 Others – Palm Oil 971 4 1511 10 00 Crude Palmolein 981 5 1511 90 20 RBD Palmolein 984 6 1511 90 90 Others – Palmolein 983 7 1507 10 00 Crude Soya bean Oil 1011 8 7404 00 22 Brass Scrap (all grades) 5236 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 819 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 937 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. 937 per kilogram 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. 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. 819 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 6868(i.e., no change) ” 2. This notification shall come into force with effect from the 14th day of September , 202 4. [F. No. 467/01/202 4-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. 56/2024-Customs (N.T.), dated the 30th August 2024 e-published in the Gazette of India, Extraordinary, Part -II, Section -3, Sub -section (ii), vide number S.O. 3720 (E), dated 30th August 2024 . Uploaded by Dte. of Printing at Government of India Press, Ring R oad, Mayapuri, New Delhi -110064 and Published by the Controller of Publications, Delhi -110054.

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