Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.


Quick Summary
This notification from the Central Board of Indirect Taxes & Customs announces updated tariff values for several key commodities. These changes, effective from 1st September 2021, affect edible oils like palm oil and soya bean oil, brass scrap, areca nuts, and precious metals including gold and silver. The notification amends the principal notification from 2001 to reflect these new values.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)
New Delhi

Notification No. 69/2021-CUSTOMS (N.T.)

 Dated: 31st August, 2021

S.O. 3559(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 1029 (i.e., no change)
2 1511 90 10 RBD Palm Oil 1055 (i.e., no change)
3 1511 90 90 Others – Palm Oil 1042 (i.e., no change)
4 1511 10 00 Crude Palmolein 1061 (i.e., no change)
5 1511 90 20 RBD Palmolein 1064 ((i.e., no change)
6 1511 90 90 Others – Palmolein 1063 (i.e., no change)
7 1507 10 00 Crude Soya bean Oil 1228 (i.e., no change)
8 7404 00 22 Brass Scrap (all grades) 5351

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

579 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

765 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.

765 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.

579 per 10 grams

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 5149”

2. This notification shall come into force with effect from the 1st day of September, 2021.

[F. No. 467/01/2021-Cus-V]

BULLO MAMU, 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. 67/2021-Customs (N.T.), dated the 13th August, 2021, e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 3296 (E), dated 13th August, 2021.

FAQ :

This notification updates the fixed tariff values for edible oils, brass scrap, areca nut, gold, and silver, as required by the Customs Act, 1962.

The revised tariff values will be effective from the 1st of September, 2021.

The notification specifies tariff values for Crude Palm Oil, RBD Palm Oil, other Palm Oils, Crude Palmolein, RBD Palmolein, and Crude Soya bean Oil.

The tariff value for gold is set at US $579 per 10 grams, and for silver, it is US $765 per kilogram, with specific conditions for certain forms and benefits availed.

Yes, the notification sets a new tariff value for Brass Scrap (all grades) at US $5351 per Metric Tonne.

The tariff value for areca nuts has been fixed at US $5149 per Metric Tonne.

 

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