Home India Ministry of Finance The Central Board of Excise and Customs, being satisfied tha...
Date: 2014-11-14 Category: Extra Ordinary State: Union Government Country: India

The Central Board of Excise and Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Govt. of India in the Ministry of Finance (Department of Revenue), No. 36-2001-Customs (N.T.), dated the 3rd August, 2001.

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

Executive Summary: This notification from the Ministry of Finance, Department of Revenue, amends Notification No. 362001Customs N.T., dated August 3, 2001, concerning tariff values. It provides revised 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 November 14, 2014. Key Points / Main Content: Revised Tariff Values (TABLE1): * Crude Palm Oil: US $734 per Metric Tonne * RBD Palm Oil: US $761 per Metric Tonne * Others Palm Oil: US $748 per Metric Tonne * Crude Palmolein: US $764 per Metric Tonne * RBD Palmolein: US $767 per Metric Tonne * Others Palmolein: US $766 per Metric Tonne * Crude Soya bean Oil: US $847 per Metric Tonne * Brass Scrap all grades: US $3808 per Metric Tonne * Poppy seeds: US $3747 per Metric Tonne Revised Tariff Values (TABLE2): * Gold (benefit of entries at serial number 321 and 323 of Notification No. 122012Customs dated 17.03.2012): US $378 per 10 grams * Silver (benefit of entries at serial number 322 and 324 of Notification No. 122012Customs dated 17.03.2012): US $517 per kilogram Revised Tariff Values (TABLE3): * Areca nuts: US $2239 per Metric Tons Impact Analysis: Customs Officials/Central Board of Excise and Customs: * Impact: Required to implement the revised tariff values for assessment and collection of customs duties. * Action Required: Update systems and procedures to reflect the new tariff values. Importers: * Impact: Changes in import duties based on the revised tariff values for the specified goods. * Action Required: Assess the impact of the new tariff values on import costs and adjust pricing/sourcing strategies accordingly. Exporters: * Impact: Indirectly affected as the revised tariff values may influence the competitiveness of imported raw materials. * Action Required: Monitor the impact on input costs and adjust export pricing strategies accordingly.

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. New Delhi: The capital of India, where the notification was issued. Ministry of Finance: A ministry within the Government of India responsible for financial matters. Department of Revenue: A department under the Ministry of Finance, Government of India. Satyajit Mohanty: Director, possibly in the context of ICD (Inland Container Depot) mentioned in the document. Crude Palm Oil: A type of palm oil listed with a tariff value in TABLE1. RBD Palm Oil: A type of palm oil listed with a tariff value in TABLE1.
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T.) S.O. 2991(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:— In the said notification, for TABLE-1, TABLE-2, and TABLE-3 the following Tables shall be substituted namely:— “TABLE-1 Sl. Chapter/ heading/ sub- Tariff value US $ Description of goods No. heading/tariff item (Per Metric Tonne) (1) (2) (3) (4) 1 1511 10 00 Crude Palm Oil 734 2 1511 90 10 RBD Palm Oil 761 3 1511 90 90 Others – Palm Oil 748 4 1511 10 00 Crude Palmolein 764 5 1511 90 20 RBD Palmolein 767 6 1511 90 90 Others – Palmolein 766 7 1507 10 00 Crude Soya bean Oil 847 8 7404 00 22 Brass Scrap (all grades) 3808 9 1207 91 00 Poppy seeds 3747 TABLE-2 Sl. Chapter/ heading/ sub- Description of goods Tariff value No. heading/tariff item (US $) (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 98 378 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 71 or 98 517 per kilogram the Notification No. 12/2012-Customs dated 17.03.2012 is availed4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] TABLE-3 Sl. Chapter/ heading/ sub- Description of goods Tariff value No. heading/tariff item (US $ Per Metric Tons ) (1) (2) (3) (4) 1 080280 Areca nuts 2239” [F. No. 467/01/2014-Cus-V Pt.I] SATYAJIT MOHANTY, Director (ICD) 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. 100/2014-Customs (N.T.), dated the 31st October, 2014, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 2804(E) Dated, the 31st October, 2014. Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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