CBIC notifies updated Customs Tariff Value of Palm Oil, Gold, Silver and Areca Nuts w.e.f. 16th Feb [Read Notification]

The Ministry of Finance has recently revised the customs tariff value, indicating a modification in the valuation of goods for customs purposes

By Navasree A.M - On February 19, 2024 10:58 am - 2 mins read

CBIC - CBIC Notification - Customs Tariff Value - Customs Tariff Value of Palm Oil - Customs Tariff Value of Gold - TAXSCAN

The Central Board of Indirect Taxes & Customs ( CBIC ), under the Ministry of Finance, vide notification no. 12/2024-CUSTOMS ( N.T. ) has notified the amendment in tariff value of crude palm oil, Gold, Silver and Areca Nuts with effect from 16th February 2024.

In the said notification, for TABLE-1, TABLE-2, and TABLE-3 the following Tables shall be substituted, namely: –

TABLE 1

S.No.	Chapter/ heading/ subheading/tariff item	Description of goods	Tariff value (US $Per Metric Tonne)
	1511 10 00	Crude Palm Oil	890
	1511 90 10	RBD Palm Oil	901
	1511 90 90	Others – Palm Oil	896
	1511 10 00	Crude Palmolein	907
	1511 90 20	RBD Palmolein	910
	1511 90 90	Others – Palmolein	909
	1507 10 00	Crude Soya bean Oil	903
	7404 00 22	Brass Scrap (all grades)	4859

TABLE 2

Sl.No.	Chapter/ heading/subheading/ tariff item	Description of Goods	Tariff Value (US $Per Metric Tonne)
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	639 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	716 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	716 per kilogram
4		(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.	639 per 10 grams