Gold Import Tariff Value Released in New Format, Gold Tariff Value Shoots up to $451 per 10 gms

·      Rumours of Changeover to Transaction Value Prove False

[Customs Notification No. 49 (Non Tariff) dated 9th July 2019]

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 so to do, hereby makes the following further 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

508

2

1511 90 10

RBD Palm Oil

540

3

1511 90 90

Others – Palm Oil

524

4

1511 10 00

Crude Palmolein

546

5

1511 90 20

RBD Palmolein

549

6

1511 90 90

Others – Palmolein

548

7

1507 10 00

Crude Soya bean Oil

697

8

7404 00 22

Brass Scrap (all grades)

3471

9

1207 91 00

Poppy seeds

3350

 

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

451 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

492 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.

492 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.

451 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

392

[F. No. 467/01/2019 -Cus-V]