The Central Board of Indirect Taxes & Customs ( CBIC ), under the Ministry of Finance, has issued notification no. 54/2024-CUSTOMS ( N.T. ) dated August 14, 2024, amending the tariff value of crude palm oil, gold, silver, and areca nuts, effective from August 15th, 2024.
The tariff values for Crude Palm Oil, RBD Palm Oil, Other Palm Oils, Crude Palmolein, RBD Palmolein, Other Palmoleins, and Crude Soybean Oil have been adjusted, with some values increased and others reduced. The tariff value of areca nuts has been raised to $6,868 per metrictonne.
In the said notification, for TABLE-1, TABLE-2, and TABLE-3 the following Tables shall be substituted, namely: –
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TABLE 1
| S.No. | Chapter/ heading/ subheading/tariff item | Description of goods | Tariff value (US $Per Metric Tonne) |
| 1511 10 00 | Crude Palm Oil | 937 | |
| 1511 90 10 | RBD Palm Oil | 948 | |
| 1511 90 90 | Others – Palm Oil | 943 | |
| 1511 10 00 | Crude Palmolein | 953 | |
| 1511 90 20 | RBD Palmolein | 956 | |
| 1511 90 90 | Others – Palmolein | 955 | |
| 1507 10 00 | Crude Soya bean Oil | 988 | |
| 7404 00 22 | Brass Scrap (all grades) | 5216 |
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 | 795 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 | 903 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 | 903 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. | 795 per 10 grams |
TABLE 3
| S.No. | Chapter/ heading/ subheading/tariff item | Description of goods | Tariff value (US $Per Metric Tonne) |
| 080280 | Areca nuts | 6868” |
