Introduction: The Ministry of Finance, Department of Revenue, Government of India, has issued Notification No. 86/2023-Custom (N.T.) on November 28, 2023. This notification, empowered by the Customs Act of 1962, introduces amendments to the tariff values of essential commodities such as Edible Oils, Brass Scrap, Areca Nut, Gold, and Silver. The amendments come into effect from November 29, 2023.
Detailed Analysis:
1. Edible Oils (Table-1):
- Crude Palm Oil, RBD Palm Oil, and Crude Palmolein values remain unchanged.
- Brass Scrap (Table-1) retains its tariff value across all grades.
2. Gold and Silver (Table-2):
- Gold and Silver rates per 10 grams and per kilogram, respectively, see no change.
- Specific provisions for different forms of silver and gold are outlined, ensuring clarity on tariff values.
3. Areca Nut (Table-3):
- The tariff value for Areca Nuts remains unchanged.
Conclusion: The amendments in tariff values, as per Notification No. 86/2023-Custom (N.T.), bring stability to the pricing of crucial commodities. These adjustments, effective from November 29, 2023, showcase the government’s commitment to regulating trade and ensuring fair market practices. Businesses and stakeholders in the concerned sectors should take note of these changes to adapt their strategies accordingly. The detailed tables provide a clear overview of the revised tariff values for Edible Oils, Brass Scrap, Areca Nut, Gold, and Silver, contributing to transparency and compliance in the import-export landscape.
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Government of India
Ministry of Finance
Department of Revenue
Central Board of Indirect Taxes and Customs
Notification No. 86/2023-Custom (N.T.) | Dated: 28th November, 2023
S.O.5061(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 | 849(i.e., no change) |
| 2 | 1511 90 10 | RBD Palm Oil | 861(i.e., no change) |
| 3 | 1511 90 90 | Others – Palm Oil | 855(i.e., no change) |
| 4 | 1511 10 00 | Crude Palmolein | 865(i.e., no change) |
| 5 | 1511 90 20 | RBD Palmolein | 868(i.e., no change) |
| 6 | 1511 90 90 | Others – Palmolein | 867(i.e., no change) |
| 7 | 1507 10 00 | Crude Soya bean Oil | 1001(i.e., no change) |
| 8 | 7404 00 22 | Brass Scrap (all grades) | 4633(i.e., no change) |
TABLE-2
| Sl. No. | Chapter/ heading / subheading/ 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 | 634 per 10 grams (i.e., 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. | 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. |
634 per 10 grams (i.e., no change) |
TABLE-3
| Sl. No. | Chapter/ heading/sub-heading/tariff item | Description of goods | Tariff value (US $ Per Metric Tonne) |
| (1) | (2) | (3) | (4) |
| 1 | 080280 | Areca nuts | 8068 (i.e., no change)” |
2. This notification shall come into force with effect from the 29th day of November, 2023.
[F. No. 467/01/2023-Cus.V]
(Komila Punia)
Deputy Secretary to Govt. of India
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. 82/2023-Customs (N.T.), dated the 1 5th November, 2023, e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 4938(E), dated 15th November, 2023.
