Finance Ministry updates Customs Tariff Value of Palm Oil, Gold, Silver and Areca Nuts w.e.f. 1st June 2024 [Read Notification]

The Central Board of Indirect Taxes & Customs ( CBIC ), under the Ministry of Finance, vide notification no. 38/2024-CUSTOMS (N.T.) dated 31st May 2024 has notified the amendment in tariff value of crude palm oil, Gold, Silver and Areca Nuts with effect from 1st June 2024 surpassing notification no. 35/2024-CUSTOMS (N.T.).

The tariff value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, RBD Palmolein, Others – Palmolein and Crude Soya Bean Oil have been reduced by a certain amount. The tariff value of the silver and gold has witnessed a hike.

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	914
	1511 90 10	RBD Palm Oil	924
	1511 90 90	Others – Palm Oil	919
	1511 10 00	Crude Palmolein	929
	1511 90 20	RBD Palmolein	932
	1511 90 90	Others – Palmolein	931
	1507 10 00	Crude Soya bean Oil	977
	7404 00 22	Brass Scrap (all grades)	5810

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	756 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	1019 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	1019 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.	756 per 10 grams

TABLE 3

S.No.	Chapter/ heading/ subheading/tariff item	Description of goods	Tariff value (US $Per Metric Tonne)
	080280	Areca nuts	6033 (i.e., no change)

To Read the full text of the Order CLICK HERE

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