Finance Ministry updates Customs Tariff Values for Palm Oil, Soya Bean Oil, Gold and Silver, and Areca Nuts [Read Notification]
Through this notification, the Finance Ministry updated the Customs tariff value of Palm Oil, Soya Bean Oil (increased), gold (increased), and Silver (decreased)
Finance Ministry – Customs Tariff Values – Palm Oil – Soya Bean Oil – Gold and Silver – Areca Nuts – taxscan
Finance Ministry – Customs Tariff Values – Palm Oil – Soya Bean Oil – Gold and Silver – Areca Nuts – taxscan
The Central Board of Indirect Taxes and Customs ( CBIC ) under the Ministry of Finance issued Notification No. 84/2024-Customs (N.T.) dated November 29, 2024, revising the tariff values for imported commodities, including various types of edible oils, brass scrap, gold, silver, and areca nuts. These changes will come into effect on November 30, 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 increased compared to previous values. The tariff value for Brass Scrap ( all grades ) has been reduced.
The tariff values for gold have been increased but silver has been decreased. The areca nuts tariff value remains unchanged.
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Table 1 - Tariff Values for Edible Oils and Brass Scrap
| Sl. No. | Chapter/Heading/ Sub-heading/Tariff Item | Description of Goods | Tariff Value (US $ Per Metric Tonne) |
| 1 | 1511 10 00 | Crude Palm Oil | 1119 (Increased) |
| 2 | 1511 90 10 | RBD Palm Oil | 1127 (Increased) |
| 3 | 1511 90 90 | Others – Palm Oil | 1123 (Increased) |
| 4 | 1511 10 00 | Crude Palmolein | 1129 (Increased) |
| 5 | 1511 90 20 | RBD Palmolein | 1132 (Increased) |
| 6 | 1511 90 90 | Others – Palmolein | 1131 (Increased) |
| 7 | 1507 10 00 | Crude Soybean Oil | 1117 (Increased) |
| 8 | 7404 00 22 | Brass Scrap (all grades) | 5220 (Decreased) |
Table 2 - Tariff Values for Gold and Silver
| Sl. No. | Chapter/Heading/ Sub-heading/Tariff Item | Description of Goods | Tariff Value (US $) |
| 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 | 850 per 10 grams (Increased) |
| 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 | 978 per kilogram (Decreased) |
| 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. | 978 per kilogram (Decreased) |
| 4 | 71 | (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. | 850 per 10 grams (Increased) |
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Table 3: Tariff Value for Areca Nuts
| Sl. No. | Chapter/Heading/ Sub-heading/Tariff Item | Description of Goods | Tariff Value (US $ Per Metric Tonne) |
| 1 | 080280 | Areca Nuts | 6552 (Unchanged) |
To Read the full text of the Notification CLICK HERE
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