The Ministry of Finance, through Notification No. 66/2024-Customs dated October 15, 2024, has updated the customs tariff values for various goods, effective from October 16, 2024. This amendment replaces previous values outlined in Notification No. 36/2001-Customs (N.T.). The revised tariff values cover a range of goods including crude palm oil, RBD palm oil, crude soya bean oil, brass scrap, gold, silver, and areca nuts. For instance, the tariff value for crude palm oil is set at USD 1008 per metric tonne, while for RBD palmolein it is USD 1027 per metric tonne. The tariff for gold (in any form) is USD 855 per 10 grams, and silver is USD 1016 per kilogram. These changes aim to ensure that the valuation of imported goods is consistent with market trends. This notification was issued under the authority of the Central Board of Indirect Taxes and Customs (CBIC) as part of its regulatory function under Section 14 of the Customs Act, 1962.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)
Notification No. 66/2024-Customs (N.T.) | Dated: 15th October, 2024
S.O. 4535(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), 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 | 1008 |
| 2 | 1511 90 10 | RBD Palm Oil | 1019 |
| 3 | 1511 90 90 | Others – Palm Oil | 1014 |
| 4 | 1511 10 00 | Crude Palmolein | 1024 |
| 5 | 1511 90 20 | RBD Palmolein | 1027 |
| 6 | 1511 90 90 | Others – Palmolein | 1026 |
| 7 | 1507 10 00 | Crude Soya bean Oil | 1025 |
| 8 | 7404 00 22 | Brass Scrap (all grades) | 5626 |
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 theNotification No. 50/2017-Customs dated 30.06.2017 is availed | 855 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 | 1016 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. (i) Gold bars, other than tola bars, bearing manufacturer’s or refiner’s engraved serial number and weight expressed in metric units; (i) Gold coins having gold content not |
1016 per kilogram |
| 4. | 71 | 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. |
855 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 | 6552” |
2. This notification shall come into force with effect from the 16th day of October, 2024.
[F. No. 467/01/2024-Cus.V]
SANJEET KUMAR, Under Secy.
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. 64/2024-Customs (N.T.), dated the 30th September 2024 e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 4267 (E), dated 30th September 2024.
