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Core Purpose

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

Detailed Summary

The Central Board of Indirect Taxes and Customs, Department of Revenue, Ministry of Finance, by Notification No. 56/2023-Customs (N.T.) (S.O. 3419(E), dated 31 July 2023), amended, under sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the tariff values fixed by its earlier Notification No. 36/2001-Customs (N.T.), dated 3 August 2001 (S.O. 748(E)), by substituting new Tables 1, 2 and 3. The revised tariff values (per metric tonne unless stated) include Crude Palm Oil at US$896, RBD Palm Oil at US$925, Crude Palmolein at US$936, Crude Soya Bean Oil at US$1014, Brass Scrap at US$4886, Gold at US$629 per 10 grams, Silver at US$791 per kilogram, and Areca Nuts at US$10379 (unchanged). The notification takes effect from 1 August 2023 and was last amended before this by Notification No. 53/2023-Customs (N.T.), dated 14 July 2023 (S.O. 3148(E)). Signed by Komila Punia, Deputy Secretary.

Full Text

4925 GI/202 3 (1) रजिस्ट्री सं. डी.एल.- 33004/99 REGD. No . D. L. -33004/99 EXTRAORDINARY PART II —Section 3 —Sub-section ( ii) PUBLISHED BY AUTHORITY No. 3272] NEW DELHI , MON DAY, JULY 31, 2023/ SHRAVANA 9, 1945 CG-DL-E-31072023-247736 (1) (2) (3) (4) (1) (2) (3) (4) (1) (2) (3) (4) MINISTRY OF FINANCE (Department of Revenue ) (CENTRAL BOARD OF I NDIRECT TAXES AND CUSTOMS) NOTIFICATION New Delhi the 31st July, 2023 No. 56/2023-CUSTOMS (N.T.) S.O. 3419(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 Augus t, 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 subs tituted, 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 896 2 1511 90 10 RBD Palm Oil 925 3 1511 90 90 Others – Palm Oil 911 4 1511 10 00 Crude Palmolein 936 5 1511 90 20 RBD Palmolein 939 6 1511 90 90 Others – Palmolein 938 7 1507 10 00 Crude Soya bean Oil 1014 8 7404 00 22 Brass Scrap (all grades) 4886 TABLE -2 Sl. No. Chapter/ heading/ sub - heading/tariff item Description o f 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 629 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 791 per kilogram 3. 71 (i) Silver, in any form, other than medallions and silver coins havin g 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. 791 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 po st, 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. 629 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 into force with effect from the 01st day of August, 2023. [F. No. 467/01/2023 -Cus.V] KOMILA PUNIA , Dy. 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. 53/2023 -Customs (N.T.), dated the 14th July, 2023, e -published in the Gazette of India, Extraordinary, Part -II, Section -3, Sub - section (ii) , vide number S.O.3148 (E), dated 14th July, 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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