Ministry of Finance, through Notification No. 64/2024-Customs (N.T.), dated September 30, 2024, has updated tariff values for various goods under the Customs Act, 1962. This amendment, effective from October 1, 2024, modifies the previously published notification from August 2001. The updated tariff values include Crude Palm Oil at $983 per metric ton, RBD Palm Oil at $994, and Brass Scrap at $5300. The notification also revises the tariff for Gold at $857 per 10 grams and Silver at $1038 per kilogram, with additional clarifications on various forms of silver and gold, such as bars and coins. Areca nuts maintain the tariff of $6868 per metric ton. These changes are aimed at adjusting the import duties based on current market trends. The notification will be in effect from its publication in the Official Gazette.
Ministry of Finance
Department of Revenue
Central Board of Indirect Taxes and Customs
Notification No. 64/2024-Customs (N.T.) | Dated: 30th September, 2024
S.O. 4267(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 | 983 |
| 2 | 1511 90 10 | RBD Palm Oil | 994 |
| 3 | 1511 90 90 | Others – Palm Oil | 989 |
| 4 | 1511 10 00 | Crude Palmolein | 999 |
| 5 | 1511 90 20 | RBD Palmolein | 1002 |
| 6 | 1511 90 90 | Others – Palmolein | 1001 |
| 7 | 1507 10 00 | Crude Soya bean Oil | 1014 |
| 8 | 7404 00 22 | Brass Scrap (all grades) | 5300 |
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 | 857 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 | 1038 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. |
1038 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. |
857 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 | 6868(i.e., no change)” |
2. This notification shall come into force with effect from the 01st 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. 63/2024-Customs (N.T.), dated the 26th September 2024 e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 4239 (E), dated 26th September 2024.
