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Core Purpose

Notification under section 14(2) of the Customs Act, 1962 revising tariff values for edible oils, brass scrap, precious metals, and areca nuts.

Detailed Summary

The Central Board of Indirect Taxes and Customs, Ministry of Finance (Department of Revenue), issued Notification No. 64/2024-Customs (N.T.), S.O. 4267(E), dated 30th September 2024, under sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), amending the tariff value notification No. 36/2001-Customs (N.T.) dated 3rd August 2001 (S.O. 748(E) dated 3rd August 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii)). It substitutes Tables 1, 2, and 3 of that notification with revised tariff values effective 1st October 2024: for Table 1 (US$ per Metric Tonne), Crude Palm Oil at 983, RBD Palm Oil at 994, Other Palm Oil at 989, Crude Palmolein at 999, RBD Palmolein at 1002, Other Palmolein at 1001, Crude Soya Bean Oil at 1014, and Brass Scrap (all grades) at 5300; for Table 2, Gold (specified forms) at US$857 per 10 grams and Silver (specified forms) at US$1038 per kilogram; and for Table 3, Areca Nuts at US$6868 per Metric Ton (unchanged from the previous notification). The principal notification was last amended by Notification No. 63/2024-Customs (N.T.), S.O. 4239(E), dated 26th September 2024. The notification bears File No. 467/01/2024-Cus.V and was signed by Sanjeet Kumar, Under Secretary.

Full Text

6347 GI/202 4 (1) EXTRAORDINARY PART II —Section 3 —Sub-section ( ii) PUBLISHED BY AUTHORITY (1) (2) (3) (4) No. 3909 ] NEW DELHI, MON DAY , SEPTEMBER 30, 2024 /ASVINA 8 , 194 6 CG-DL-E-30092024-257602 (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 September, 2024 No. 64/2024-CUSTO MS (N.T.) S.O. 4267 (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 983 2 1511 90 10 RBD Palm Oil 994 3 1511 90 90 Others – Palm Oil 989 4 1511 10 00 Crude Palmolein 999 5 1511 90 20 RBD Palmolein 1002 6 1511 90 90 Others – Palmolein 1001 7 1507 10 00 Crude Soya bean Oil 1014 8 7404 00 22 Brass Scrap (all grades) 5300 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 857 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 1038 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. 1038 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. 857 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 6868(i.e., no change)” 2. This notification shall come into force with effect from the 01st day of October, 2024. [F. No. 467/01/2024 -Cus.V] SANJEET KUMAR , 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. 63/2024 -Customs (N.T.), dated the 26th September 2024 e -published in the Gazette of India, Extraordinary, Part -II, Section -3, Sub-section (ii), vide number S.O. 4239 (E), dated 26th September 2024. 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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