Gold Tariff Value Raised by US$32 per 10 gram to US$ 612 per 10 grams

[Customs Notification No. 62-(Non-Tariff) dated 27 July 2020]

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 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

622 (i.e. no change)

2

1511 90 10

RBD Palm Oil

641 (i.e. no change)

3

1511 90 90

Others – Palm Oil

632 (i.e. no change)

4

1511 10 00

Crude Palmolein

647 (i.e. no change)

5

1511 90 20

RBD Palmolein

650 (i.e. no change)

6

1511 90 90

Others – Palmolein

649 (i.e. no change)

7

1507 10 00

Crude Soya bean Oil

747 (i.e. no change)

8

7404 00 22

Brass Scrap (all grades)

3561 (i.e. no change)

9

1207 91 00

Poppy seeds

3623 (i.e. no change)

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

612 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

717 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.

717 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.

612 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

3746 (i.e. no change)

[F. No. 467/01/2020 -Cus-V]