Introduction: The Ministry of Finance, through the Central Board of Indirect Taxes & Customs, has issued Notification No. 02/2024-CUSTOMS (N.T.) dated 15th January 2024. This notification signifies amendments to tariff values for various commodities, including Edible Oils, Brass Scrap, Areca Nut, Gold, and Silver.
Detailed Analysis:
Amendments to TABLE-1: The notification brings substantial changes to TABLE-1, altering tariff values for Crude Palm Oil, RBD Palm Oil, Crude Palmolein, and Crude Soya bean Oil. Notable adjustments aim to align these values with the dynamic global market scenario.
Changes in TABLE-2: TABLE-2 details tariff values for Gold and Silver. The amendments affect entries related to Gold and Silver, specifying values per 10 grams or per kilogram. Clarity is provided on the valuation of Gold bars, coins, and findings, impacting their import under specified conditions.
TABLE-3 Updates: No changes are introduced in TABLE-3, maintaining tariff values for Areca nuts. This ensures stability in the pricing of this particular commodity, providing continuity for businesses involved in its import and export.
Effective Date: The notification is set to come into force on the 16th day of January 2024. This effective date is crucial for businesses and stakeholders involved in the trade of the mentioned goods, requiring prompt adaptation to the revised tariff values.
Official Note: The article incorporates the official note from the Director (Customs), providing essential background information. It references the principal notification dated 3rd August 2001 and its last amendment on 29th December 2023, emphasizing the regulatory continuity maintained by the Ministry of Finance.
Conclusion: Notification No. 02/2024-CUSTOMS (N.T.) stands as a pivotal regulatory update, reshaping tariff values for Edible Oils, Brass Scrap, Areca Nut, Gold, and Silver. Businesses in the import-export sector must stay informed, adapting their strategies to comply with the amended values. The Ministry of Finance’s proactive approach ensures the stability and transparency of customs regulations, fostering a conducive environment for international trade and commerce.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)
Notification No. 02/2024- Customs (N.T.) | Dated: 15th January, 2024
S.O. 177(E).— In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient to do so, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Notification No. 36/2001–Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3rd August, 2001, namely:-
In the said notification, for TABLE-1, TABLE-2, and TABLE-3 the following Tables shall be substituted, namely: –
“TABLE-1
| Sl. No. | Chapter/ heading/ sub- heading/tariff item | Description of goods | Tariff value (US $Per Metric Tonne) |
| (1) | (2) | (3) | (4) |
| 1 | 1511 10 00 | Crude Palm Oil | 869 |
| 2 | 1511 90 10 | RBD Palm Oil | 874 |
| 3 | 1511 90 90 | Others – Palm Oil | 872 |
| 4 | 1511 10 00 | Crude Palmolein | 877 |
| 5 | 1511 90 20 | RBD Palmolein | 880 |
| 6 | 1511 90 90 | Others – Palmolein | 879 |
| 7 | 1507 10 00 | Crude Soya bean Oil | 928 |
| 8 | 7404 00 22 | Brass Scrap (all grades) | 4862 |
TABLE-2
| Sl. No. | Chapter/ heading/ sub- heading/tariff item | Description of goods | Tariff value (US $) |
| (1) | (2) | (3) | (4) |
| 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 | 662 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 | 747 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 subheading 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. |
747 per kilogram |
| 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. |
662 per 10 grams |
TABLE-3
| Sl. No. | Chapter/ heading/ sub- heading/tariff item | Description of goods | Tariff value (US $ Per Metric Ton) |
| (1) | (2) | (3) | (4) |
| 1 | 080280 | Areca nuts | 8140 (i.e., no change)” |
2. This notification shall come into force with effect from the 16th day of January, 2024.
[F. No. 467/01/2024-Cus.V]
ANANTH RATHAKRISHNAN, Director (Customs)
Note: – The principal notification was published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide Notification No. 36/2001–Customs (N.T.), dated the 3rd August, 2001, vide number S. O. 748 (E), dated the 3rd August, 2001 and was last amended vide Notification No. 95/2023-Customs (N.T.), dated the 29th December, 2023 e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 5492 (E), dated 29th December, 2023.
