CBIC revises Customs Tariff Values of Edible Oils, Brass Scrap, Areca Nuts, Gold, and Silver [Read Notification]

The Central Board of Indirect Taxes & Customs ( CBIC ), under the Ministry of Finance, has issued notification no. 53/2024-CUSTOMS ( N.T. ) dated July 31, 2024, amending the tariff value of crude palm oil, gold, silver, and areca nuts, effective from August 1, 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 lowered to $6,242 per metric tonne.

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	930
	1511 90 10	RBD Palm Oil	941
	1511 90 90	Others – Palm Oil	936
	1511 10 00	Crude Palmolein	946
	1511 90 20	RBD Palmolein	949
	1511 90 90	Others – Palmolein	948
	1507 10 00	Crude Soya bean Oil	1013
	7404 00 22	Brass Scrap (all grades)	5511

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	769 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	908 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	908 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.	769 per 10 grams

TABLE 3

S.No.	Chapter/ heading/ subheading/tariff item	Description of goods	Tariff value (US $Per Metric Tonne)
	080280	Areca nuts	6242 ( no change)

To Read the full text of the Order CLICK HERE

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