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Core Purpose

Notification amending the tariff values for specified goods, including edible oils, brass scrap, precious metals and areca nuts, under sub-section (2) of section 14 of the Customs Act, 1962.

Detailed Summary

S.O. 2833(E), Notification No. 47/2320-Customs (N.T.), issued by the Central Board of Indirect Taxes and Customs, Ministry of Finance (Department of Revenue), on 30 June 2023, exercises powers under sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962) to amend the notification of the Government of India, Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated 3rd August, 2001 (S.O. 748(E), dated 3rd August, 2001), by substituting Tables 1, 2 and 3 with revised tariff values. Table 1 sets tariff values in US$ per Metric Tonne: Crude Palm Oil $855, RBD Palm Oil $867, Others-Palm Oil $861, Crude Palmolein $877, RBD Palmolein $880, Others-Palmolein $879, Crude Soya bean Oil $1010, and Brass Scrap (all grades) $4925. Table 2 sets tariff values for Gold ($612 per 10 grams) and Silver ($740 per kilogram) in specified forms, including gold/silver benefiting from entries 356 and 357 of Notification No. 50/2017-Customs dated 30.06.2017, and defines exclusions such as foreign currency coins and silver/gold jewellery. Table 3 sets the tariff value of Areca nuts at $10379 per Metric Ton (unchanged). The notification takes effect from 1st July, 2023. The principal notification No. 36/2001-Customs (N.T.) was last amended by Notification No. 45/2023-Customs (N.T.), dated 15th June, 2023 (S.O. 2663(E)). Signed by Harish Kumar, Under Secretary [F. No. 467/01/2023-Cus.V].

Full Text

4132 GI/202 3 (1) EXTRAORDINARY PART II —Section 3 —Sub-section ( ii) PUBLISHED BY AUTHORITY (1) (2) (3) (4) No. 2710] NEW DELHI, FRIDAY , JUNE 30, 2023/ASHADHA 9, 194 5 CG-DL-E-30062023-246889 (1) (2) (3) (4) (1) (2) (3) (4) MINISTRY OF FINANCE (Department of Revenue ) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS ) NOTIFICATION New Delhi, the 30th June, 2023 No. 47/2320-CUSTOMS (N.T.) S.O. 2833 (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 855 2 1511 90 10 RBD Palm Oil 867 3 1511 90 90 Others – Palm Oil 861 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 1010 8 7404 00 22 Brass Scrap (all grades) 4925 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 612 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 740 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 f alling 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. 740 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 Jewe llery in place. 612 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 10379 (i.e., no change)‖ 2. This notification shall come in to force with effect from the 01st day of July , 2023. [F. No. 467/01/2023 -Cus.V] HARISH KUMAR , Under Sec y. 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. 45 /2023 -Customs (N.T.), dated the 15th June, 2023, e -published in t he Gazette of India, Extraordinary, Part -II, Section -3, Sub -section (ii), vide number S.O. 2 663(E), dated 15th June, 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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