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Core Purpose

Notification under section 14(2) of the Customs Act, 1962 revising tariff values for edible oils, brass scrap, precious metals, and areca nuts for customs valuation purposes.

Detailed Summary

The Central Board of Indirect Taxes and Customs, Ministry of Finance (Department of Revenue), vide Notification No. 75/2023-Customs (N.T.), S.O. 4507(E) dated 13th October 2023, in exercise of powers under sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), amends the tariff value notification No. 36/2001-Customs (N.T.) dated 3rd August 2001 (S.O. 748(E)) by substituting Tables 1, 2 and 3, effective 14th October 2023. Table-1 fixes tariff values (US$ per Metric Tonne) at: Crude Palm Oil $859, RBD Palm Oil $863, Other Palm Oil $861, Crude Palmolein $868, RBD Palmolein $871, Other Palmolein $870, Crude Soya bean Oil $972, and Brass Scrap (all grades) $4,682. Table-2 fixes tariff values for gold at $603 per 10 grams (covering gold bars other than tola bars with engraved serial numbers, gold coins with purity not below 99.5%, and gold findings, as well as gold benefiting from entry 356 of Notification No. 50/2017-Customs) and silver at $716 per kilogram (covering silver in various forms benefiting from entry 357 of the same notification, and silver/medallions/coins with purity not below 99.9%, excluding imports via post, courier or baggage, foreign currency coins, and silver jewellery/articles). Table-3 fixes the tariff value of areca nuts at $8,068 per Metric Tonne. The notification is signed by Harish Kumar, Under Secretary, under file number 467/01/2023-Cus.V, and notes the principal notification was last amended by Notification No. 71/2023-Customs (N.T.) dated 29th September 2023 (S.O. 4256(E)).

Full Text

6543 GI/202 3 (1) रजिस्ट्री सं. डी.एल.- 33004/99 REGD. No . D. L. -33004/99 EXTRAORDINARY PART II —Section 3 —Sub-section ( ii) PUBLISHED BY AUTHORITY No. 4336] NEW DELHI, FRIDAY , OCTOBER 13, 2023/ ASVINA 21, 1945 CG-DL-E-13102023-249413 (1) (2) (3) (4) (1) (2) (3) (4) (1) (2) (3) (4) 1 080280 सुपारी 8068” MINISTRY OF FINANCE (Department of Revenue ) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS ) NOTIFICATION New Delhi, the 13th October , 2023 No. 75/2023-CUSTOMS (N.T.) S.O. 4507 (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, Extraord inary, 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 859 2 1511 90 10 RBD Palm Oil 863 3 1511 90 90 Others – Palm Oil 861 4 1511 10 00 Crude Palmolein 868 5 1511 90 20 RBD Palmolein 871 6 1511 90 90 Others – Palmolein 870 7 1507 10 00 Crude Soya bean Oil 972 8 7404 00 22 Brass Scrap (all grades) 4682 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 603 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 716 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. 716 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. 603 per 10 grams TABLE -3 Sl. No. Chapter/ headin g/ sub - heading/tariff item Description of goods Tariff value (US $ Per Metric Ton) (1) (2) (3) (4) 1 080280 Areca nuts 8068 ” 2. This notification shall come into force with effect from the 14th day of Octobe r, 2023. [F. No. 467/01/2023 -Cus.V] HARISH KUMAR , 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. 71/2023 -Customs (N.T.), dated the 29th September , 2023, e -published in the Gazette of India, Extraordinary, Part -II, Section -3, Sub-section (ii ), vide number S.O. 4256 (E), dated 29th September , 2023 . 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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