Executive Summary:
This notification from the Ministry of Finance, Department of Revenue, amends Notification No. 362001-Customs N.T., dated August 3, 2001, regarding tariff values. It substitutes new tables specifying tariff values for various goods, including palm oil, palmolein, soya bean oil, brass scrap, poppy seeds, gold, silver, and areca nuts. The notification is effective as of June 15, 2016.
Key Points / Main Content:
Amended Notification:
The notification amends the existing Notification No. 362001-Customs N.T., dated August 3, 2001.
Table 1: Substituted Tariff Values for Oils and Scrap:
Crude Palm Oil: US$ 710 per Metric Tonne.
RBD Palm Oil: US$ 716 per Metric Tonne.
Other Palm Oil: US$ 713 per Metric Tonne.
Crude Palmolein: US$ 724 per Metric Tonne.
RBD Palmolein: US$ 727 per Metric Tonne.
Other Palmolein: US$ 726 per Metric Tonne.
Crude Soya bean Oil: US$ 800 per Metric Tonne.
Brass Scrap (all grades): US$ 2933 per Metric Tonne.
Poppy Seeds: US$ 2533 per Metric Tonne.
Table 2: Substituted Tariff Values for Gold and Silver:
Gold: US$ 418 per 10 grams (benefit of entries at serial number 321 and 323 of Notification No. 12/2012-Customs dated 17.03.2012 is availed).
Silver: US$ 562 per kilogram (benefit of entries at serial number 322 and 324 of Notification No. 12/2012-Customs dated 17.03.2012 is availed).
Table 3: Substituted Tariff Values for Areca Nuts:
Areca Nuts: US$ 2630 per Metric Tonne.
Impact Analysis:
Importers:
Impact: Changes in tariff values will directly affect the cost of importing goods like palm oil, gold, silver and areca nuts.
Action Required: Importers need to update their cost calculations based on the new tariff values.
Customs Officials:
Impact: Required to enforce the new tariff values for imported goods.
Action Required: Implement the revised tariff values during customs assessment and clearance.
Central Board of Excise and Customs:
Impact: Responsible for ensuring the correct implementation of the notification.
Action Required: Monitor the application of the new tariff values and address any issues that may arise.
Key Entities Referenced
Customs Act, 1962: An act of the Parliament of India to consolidate and amend the law relating to customs.
Central Board of Excise and Customs: A government agency responsible for the administration of indirect taxes in India, now known as Central Board of Indirect Taxes and Customs (CBIC).
New Delhi: The capital of India, where the notification was issued.
Ministry of Finance: A ministry of the Government of India responsible for the country's finances.
Department of Revenue: A department within the Ministry of Finance, Government of India.
Notification No. 362001Customs N.T.: A notification related to customs, dated 3rd August, 2001.
Notification No. 12/2012Customs: A notification related to customs, dated 17.03.2012.
Mohit Tiwari: Under Secretary who signed the notification.
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[फा. स.ं 467/1/2016-सीमा शु(cid:6) क–V]
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थीI
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF EXCISE AND CUSTOMS)
NOTIFICATION
New Delhi, 15th June, 2016
No. 86/2016-CUSTOMS (N.T.)
S.O. 2117(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 Excise & Customs, being satisfied that it is necessary and
expedient so to do, hereby makes the following amendment 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:—¹Hkkx IIµ[k.M 3(ii)º Hkkjr dk jkti=k % vlk/kj.k 3
In the said notification, for TABLE-1, TABLE-2, and TABLE-3 the following Tables shall be
substituted namely:—
“TABLE-1
Chapter/ heading/ Tariff value
Sl. No. Description of goods
sub-heading/ tariff item (US $Per Metric Tonne)
(1) (2) (3) (4)
1 1511 10 00 Crude Palm Oil 710
2 1511 90 10 RBD Palm Oil 716
3 1511 90 90 Others – Palm Oil 713
4 1511 10 00 Crude Palmolein 724
5 1511 90 20 RBD Palmolein 727
6 1511 90 90 Others – Palmolein 726
7 1507 10 00 Crude Soya bean Oil 800
8 7404 00 22 Brass Scrap (all grades) 2933
9 1207 91 00 Poppy seeds 2533
TABLE-2
Sl. No. Chapter/ heading/ Description of goods
Tariff value
sub-heading/tariff
(US $)
item
(1) (2) (3) (4)
1 Gold, in any form, in respect of which the benefit of
entries at serial number 321 and 323 of the
71 or 98 418 per 10 grams
Notification No. 12/2012-Customs dated 17.03.2012 is
availed
2 Silver, in any form, in respect of which the benefit of
entries at serial number 322 and 324 of the
71 or 98 562 per kilogram
Notification No. 12/2012-Customs dated 17.03.2012 is
availed
TABLE-3
Sl. Chapter/ heading/ sub-heading/ Description of goods Tariff value
No. tariff item
(US $ Per Metric Tonne)
(1) (2) (3) (4)
1 080280 Areca nuts 2630”
[F. No. 467/01/2016 -Cus-V]
MOHIT TIWARI, 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. 85/2016-Customs (N.T.),
dated the 14th June, 2016, e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii),
vide number S.O. 2100(E), dated 14th June, 2016.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.