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Core Purpose

Notification No. 54/2024-Customs (N.T.) amending tariff values under sub-section (2) of section 14 of the Customs Act, 1962 for crude and refined palm oil, palmolein, soya bean oil, brass scrap, gold, silver, and areca nuts.

Detailed Summary

The Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs, by Notification No. 54/2024-Customs (N.T.), S.O. 3485(E), dated 14th August 2024, amends notification No. 36/2001-Customs (N.T.) dated 3rd August 2001 (S.O. 748(E)) in exercise of powers under sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), by substituting Tables 1, 2 and 3 that fix tariff values for specified imported goods. Table 1 sets tariff values in US dollars per metric tonne for Crude Palm Oil (937), RBD Palm Oil (948), Other Palm Oil (943), Crude Palmolein (953), RBD Palmolein (956), Other Palmolein (955), Crude Soya Bean Oil (988), and Brass Scrap (5216). Table 2 fixes tariff values for gold (US$795 per 10 grams) and silver (US$903 per kilogram) covered under Notification No. 50/2017-Customs entries 356 and 357, and separately for other gold bars/coins and silver forms. Table 3 fixes the tariff value of Areca nuts at US$6868 per metric tonne. The notification takes effect from 15th August 2024 and was signed by Megha Bansal, Under Secretary, under F. No. 467/01/2024-Cus.V; the principal notification was last amended by Notification No. 53/2024-Customs (N.T.) dated 31st July 2024 (S.O. 3058(E)).

Full Text

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-14082024-256394 EXTRAORDINARY PART II-Section 3-Sub-section (ii) PUBLISHED BY AUTHORITY No. 3169] NEW DELHI, WEDNESDAY AUGUST 14, 2024/SHRAVANA 23, 1946 5218 GI/2024 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NOTIFICATION New Delhi, the 14th August, 2024 No. 54/2024-CUSTOMS (N.T.) S.O. 3485(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/subheading/tariff | Description of goods | Tariff value | | | item | | (US $Per Metric Tonne) | +--------+------------------------------------+-----------------------------------+-----------------------------+ | (1) | (2) | (3) | (4) | +--------+------------------------------------+-----------------------------------+-----------------------------+ | 1 | 1511 10 00 | Crude Palm Oil | 937 | | 2 | 1511 90 10 | RBD Palm Oil | 948 | | 3 | 1511 90 90 | Others - Palm Oil | 943 | | 4 | 1511 10 00 | Crude Palmolein | 953 | | 5 | 1511 90 20 | RBD Palmolein | 956 | | 6 | 1511 90 90 | Others - Palmolein | 955 | | 7 | 1507 10 00 | Crude Soya bean Oil | 988 | | 8 | 7404 00 22 | Brass Scrap (all grades) | 5216 | +--------+------------------------------------+-----------------------------------+-----------------------------+ TABLE-2 +--------+------------------------------------+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+-----------------------+ | Sl. No. | Chapter/heading/sub-heading/tariff | Description of goods | Tariff value | | | 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. 50/2017-Customs dated 30.06.2017 is availed | 795 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 | 903 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; | 903 per kilogram | | | | (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. | | +--------+------------------------------------+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+-----------------------+ | 4. | 71 | (i) Gold bars, other than tola bars, bearing manufacturer's or refiner's engraved serial number and weight expressed in metric units; | 795 per 10 grams | | | | (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, silver in any form shall not include foreign currency coins, jewellery made of silver or articles made of silver. 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-heading/tariff | Description of goods | Tariff value | | | item | | (US $ Per Metric Ton) | +--------+------------------------------------+--------------------+-----------------------------+ | (1) | (2) | (3) | (4) | +--------+------------------------------------+--------------------+-----------------------------+ | 1 | 080280 | Areca nuts | 6868" | +--------+------------------------------------+--------------------+-----------------------------+ 2. This notification shall come into force with effect from the 15th day of August, 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. 53/2024-Customs (N.T.), dated the 31st July 2024 e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 3058 (E), dated 31st July 2024. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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