CBIC notifies updated Customs Tariff Values of Palm Oil, Gold, Silver and Areca Nuts [Read Order]

The Central Board of Indirect Taxes & Customs (CBIC), vide notification no.  86/2023-CUSTOMS (N.T.) has notified the amendment in tariff values of crude palm oil, Gold, Silver and Areca Nuts with effect from 29th November 2023.

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 849 (No change)   1511 90 10 RBD Palm Oil 861(No change)   1511 90 90 Others – Palm Oil 855(No change)   1511 10 00 Crude Palmolein 865(No change)   1511 90 20 RBD Palmolein 868(No change)   1511 90 90 Others – Palmolein 867(No change)   1507 10 00 Crude Soya bean Oil 1001(No change)   7404 00 22 Brass Scrap (all grades) 4633(No change)

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 634 per 10 grams (No change)   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 800 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 800 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. 634 per 10 grams (No change)   TABLE 3 S.No. Chapter/ heading/ subheading/tariff item Description of goods Tariff value (US $Per Metric Tonne)   080280 Areca nuts 8068 (i.e., no change)”

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