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Core Purpose

Notification amending the customs tariff values fixed under section 14(2) of the Customs Act, 1962 for crude/refined palm oil, palmolein, soya bean oil, brass scrap, gold, silver, and areca nuts.

Detailed Summary

The Central Board of Indirect Taxes and Customs (CBIC), Ministry of Finance (Department of Revenue), issued Notification No. 32/2024-Customs (N.T.) [S.O. 1876(E)] dated 30 April 2024, under sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), amending Notification No. 36/2001-Customs (N.T.) dated 3 August 2001 (S.O. 748(E)) by substituting Tables 1, 2 and 3 with revised tariff values. Table 1 sets values, in US dollars per metric tonne, for crude palm oil (944), RBD palm oil (965), other palm oil (961), crude palmolein (969), RBD palmolein (972), other palmolein (971), crude soya bean oil (959), and brass scrap of all grades (5461). Table 2 sets values for gold (751 per 10 grams) and silver (886 per kilogram) across several conditions, including where the benefit of entries 356 or 357 of Notification No. 50/2017-Customs dated 30.06.2017 has been availed, and for gold bars/coins and silver forms other than through post, courier or baggage. Table 3 retains the tariff value for areca nuts at US$6033 per metric tonne (no change). The notification takes effect from 1 May 2024, was issued under F. No. 467/01/2024-Cus.V, and signed by Megha Bansal, Under Secretary. It supersedes tariff values last amended by Notification No. 29/2024-Customs (N.T.) dated 15 April 2024 (S.O. 1717(E)).

Full Text

The Gazette of India CG-DL-E-30042024-253982 EXTRAORDINARY PART II—Section 3—Sub-section (ii) PUBLISHED BY AUTHORITY No. 1784] NEW DELHI, TUESDAY, APRIL 30, 2024/VAISAKHA 10, 1946 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NOTIFICATION New Delhi, the 30th April, 2024 No. 32/2024-CUSTOMS (N.T.) S.O. 1876(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 | 1511 10 00 | Crude Palm Oil | 944 | | 2 | 1511 90 10 | RBD Palm Oil | 965 | | 3 | 1511 90 90 | Others – Palm Oil | 961 | | 4 | 1511 10 00 | Crude Palmolein | 969 | | 5 | 1511 90 20 | RBD Palmolein | 972 | | 6 | 1511 90 90 | Others – Palmolein | 971 | | 7 | 1507 10 00 | Crude Soya bean Oil | 959 | | 8 | 7404 00 22 | Brass Scrap (all grades) | 5461 | TABLE-2 | Sl. No. | Chapter/heading/sub-heading/tariff item | Description of goods | Tariff value (US $) | |---------|------------------------------------------|-----------------------|-----------------------| | 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 | 751 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 | 886 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. | 886 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. | 751 per 10 grams | TABLE-3 | Sl. No. | Chapter/heading/sub-heading/tariff item | Description of goods | Tariff value (US $ Per Metric Ton) | |---------|------------------------------------------|-----------------------|---------------------------------------| | 1 | 080280 | Areca nuts | 6033 (i.e., no change)" 2. This notification shall come into force with effect from the 01st day of May, 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. 29/2024-Customs (N.T.), dated the 15th April, 2024 e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 1717 (E), dated 15th April, 2024.

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