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Core Purpose

Notification by the Central Board of Indirect Taxes and Customs amending Tables 1, 2 and 3 of tariff value notification No. 36/2001-Customs (N.T.) to revise tariff values for crude and refined edible oils, brass scrap, gold, silver and areca nuts.

Detailed Summary

By Notification No. 80/2024-Customs (N.T.), S.O. 4931(E) dated 14th November 2024, the Central Board of Indirect Taxes and Customs, Ministry of Finance (Department of Revenue), exercising powers under sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), amends Tables 1, 2 and 3 of the tariff value notification No. 36/2001-Customs (N.T.) dated 3rd August 2001 (S.O. 748(E), as last amended by Notification No. 79/2024-Customs (N.T.) dated 13th November 2024, S.O. 4919(E)), revising tariff values in US dollars: Crude Palm Oil at $1080 per metric tonne, RBD Palm Oil and other Palm Oil at $1081, Crude Palmolein at $1085, RBD Palmolein at $1088, other Palmolein at $1087, Crude Soya bean Oil at $1087, and Brass Scrap at $5450 per metric tonne (Table-1); Gold at $837 per 10 grams and Silver at $1005 per kilogram, referencing entries 356 and 357 of Notification No. 50/2017-Customs dated 30th June 2017 (Table-2); and Areca nuts at $6552 per metric tonne, unchanged (Table-3). The amendment takes effect from 15th November 2024, was issued under file number 467/01/2024-Cus.V, and signed by Megha Bansal, Under Secretary.

Full Text

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-14112024-258667 EXTRAORDINARY PART II-Section 3-Sub-section (ii) PUBLISHED BY AUTHORITY No. 4547] NEW DELHI, THURSDAY, NOVEMBER 14, 2024/KARTIKA 23, 1946 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NOTIFICATION New Delhi, the 14th November, 2024 No. 80/2024-CUSTOMS (N.Τ.) S.O. 4931(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 | 1080 | +-------+----------------------------------+-----------------------+-------------------------+ | 2 | 1511 90 10 | RBD Palm Oil | 1081 | +-------+----------------------------------+-----------------------+-------------------------+ | 3 | 1511 90 90 | Others - Palm Oil | 1081 | +-------+----------------------------------+-----------------------+-------------------------+ | 4 | 1511 10 00 | Crude Palmolein | 1085 | +-------+----------------------------------+-----------------------+-------------------------+ | 5 | 1511 90 20 | RBD Palmolein | 1088 | +-------+----------------------------------+-----------------------+-------------------------+ | 6 | 1511 90 90 | Others Palmolein | 1087 | +-------+----------------------------------+-----------------------+-------------------------+ | 7 | 1507 10 00 | Crude Soya bean Oil | 1087 | +-------+----------------------------------+-----------------------+-------------------------+ | 8 | 7404 00 22 | Brass Scrap (all grades)| 5450 | +-------+----------------------------------+-----------------------+-------------------------+ 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 | 837 per 10 grams | | | | entries at serial number 356 of the Notification No. | | | | | 50/2017-Customs dated 30.06.2017 is availed | | +-------+----------------------------------+-------------------------------------------------------------+-------------------+ | 2. | 71 or 98 | Silver, in any form, in respect of which the benefit of | 1005 per kilogram | | | | entries at serial number 357 of the Notification No. | | | | | 50/2017-Customs dated 30.06.2017 is availed | | +-------+----------------------------------+-------------------------------------------------------------+-------------------+ | 3. | 71 | (i) Silver, in any form, other than medallions and | 1005 per kilogram | | | | 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. | | +-------+----------------------------------+-------------------------------------------------------------+-------------------+ | 4. | 71 | (i) Gold bars, other than tola bars, bearing | 837 per 10 grams | | | | 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. | | +-------+----------------------------------+-------------------------------------------------------------+-------------------+ 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 15th day of November, 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. 79/2024-Customs (N.T.), dated the 13th November 2024 e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 4919 (E), dated 13th November 2024.

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