Finance Ministry notifies new Customs Tariff Value of Palm Oil, Silver, Gold and Areca Nuts [Read Notification]

The Central Government has amended the Customs Tariff Value of certain goods including Palm oil, gold, silver, areca nuts etc. vide notification no. 67/2023 published on 15th September 2023. The ministry had already amended the same on 15th August 2023.

As per the notification, the Central Government within its jurisdiction and powers conferred by the Section 14(2) Customs Act, 1962 amended the Principal Notification No. 36/2001-Customs, dated the 3rd August 2001 in the public interest. The notification shall come into force on 15th September 2023.

TABLE 1

S.No.	Chapter/ heading/ subheading/tariff item	Description of goods	Tariff value (US $Per Metric Tonne)
	1511 10 00	Crude Palm Oil	909
	1511 90 10	RBD Palm Oil	913
	1511 90 90	Others – Palm Oil	911
	1511 10 00	Crude Palmolein	914
	1511 90 20	RBD Palmolein	917
	1511 90 90	Others – Palmolein	916
	1507 10 00	Crude Soya bean Oil	1006
	7404 00 22	Brass Scrap (all grades)	4816

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	612 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	740 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	740 per kilogram
		(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.	612 per 10 grams

TABLE 3

S.No.	Chapter/ heading/ subheading/tariff item	Description of goods	Tariff value (US $Per Metric Tonne)
	080280	Areca nuts	7765 (i.e., no change)”

Also read: Ministry of Finance updates Customs Tariff Value of Goods like Gold, Silver, Oil and Areca nuts w.e.f. 15th August 2023

To Read the full text of the Order CLICK HERE

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