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Core Purpose

Amendment under Section 14(2) of the Customs Act, 1962 substituting revised tariff values for specified goods including edible oils, brass scrap, gold, silver and areca nuts.

Detailed Summary

Issued by the Central Board of Indirect Taxes and Customs, Department of Revenue, Ministry of Finance (Notification No. 91/2320-Customs (N.T.), S.O. 5350(E), dated 15th December 2023), this notification, in exercise of powers under sub-section (2) of Section 14 of the Customs Act, 1962 (52 of 1962), amends 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 16th December 2023. Table 1 sets tariff values (US$ per Metric Tonne) for Crude Palm Oil ($864), RBD Palm Oil ($873), Other Palm Oil ($869), Crude Palmolein ($877), RBD Palmolein ($880), Other Palmolein ($879), Crude Soya Bean Oil ($1012) and Brass Scrap all grades ($4802). Table 2 sets tariff values for Gold ($659 per 10 grams) and Silver ($776 per kilogram) under various conditions referencing Notification No. 50/2017-Customs dated 30.06.2017. Table 3 sets a tariff value of $8140 per Metric Tonne for Areca nuts. The principal notification was last amended by Notification No. 89/2023-Customs (N.T.) dated 30th November 2023 (S.O. 5118(E)). Filed under F. No. 467/01/2023-Cus.V and signed by Ananth Rathakrishnan, Director (Customs).

Full Text

7757 GI/202 3 (1) EXTRAORDINARY PART II —Section 3 —Sub-section ( ii) PUBLISHED BY AUTHORITY (1) (2) (3) (4) No. 5121] NEW DELHI, FRIDAY , DECEMBER 15, 2023/ AGRAHAYANA 24, 1945 CG-DL-E-15122023-250694 (1) (2) (3) (4) (1) (2) (3) (4) 1 080280 सुपारी 8140” MINISTRY OF FINANCE (Department of Revenue ) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS ) NOTIFICATION New Delhi, 15th December, 2023 No. 91/2320-CUSTO MS (N.T.) S.O. 5350 (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 864 2 1511 90 10 RBD Palm Oil 873 3 1511 90 90 Others – Palm Oil 869 4 1511 10 00 Crude Palmolein 877 5 1511 90 20 RBD Palmolein 880 6 1511 90 90 Others – Palmolein 879 7 1507 10 00 Crude Soya bean Oil 1012 8 7404 00 22 Brass Scrap (all grades) 4802 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 o f which the benefit of entries at serial number 356 of the Notification No. 50/2017 -Customs dated 30.06.2017 is availed 659 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 776 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) Medal lions 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 i n any form shall not include foreign currency coins, jewellery made of silver or articles made of silver. 776 per kilogram 4. 71 (i) Gold bars, other than tola bars, bearing manufacturer’s or refiner’s engraved serial number and weight expressed in m etric 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, clas p, clamp, pin, catch, screw back used to hold the whole or a part of a piece of Jewellery in place. 659 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 8140‖ 2. This notification shall come into force with effect from the 16th day of December, 2023. [F. No. 467/01/2023 -Cus.V] ANANTH RATHAKRISHNAN , Director (Customs) Note : The principal notification was published in the Gazette of In dia, 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. 89/2023 -Customs (N.T.), da ted the 30th November, 2023 e -published in the Gazette of India, Extraordinary, Part -II, Section -3, Sub-section (ii), vide number S.O. 5118(E), dated 30th November, 2023. Uploaded by Dte. of Printing at Government of India Press, Ring R oad, Mayapuri, N ew Delhi -110064 and Published by the Controller of Publications, Delhi -110054.

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