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 |
3920” |
[F. No. 467/01/2019 -Cus-V]