Home India Ministry of Finance The Central Govt. hereby makes the following amendment in th...
Date: 2014-08-14 Category: Extra Ordinary State: Union Government Country: India

The Central Govt. 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.

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

Executive Summary: This notification, issued by the Central Board of Excise and Customs, amends Notification No. 362001-Customs (N.T.) dated August 3, 2001, regarding tariff values for certain goods. The amendment substitutes TABLE1, TABLE2, and TABLE3 in the original notification. The notification is effective as of August 14, 2014. Key Points / Main Content: Amended Tariff Values: The notification substitutes the original tables with updated tariff values for specified goods. TABLE 1: * Crude Palm Oil: US$811 per Metric Tonne * RBD Palm Oil: US$842 per Metric Tonne * Others Palm Oil: US$827 per Metric Tonne * Crude Palmolein: US$851 per Metric Tonne * RBD Palmolein: US$854 per Metric Tonne * Others Palmolein: US$853 per Metric Tonne * Crude Soyabean Oil: US$935 per Metric Tonne * Brass Scrap (all grades): US$4138 per Metric Tonne * Poppy seeds: US$3255 per Metric Tonne TABLE 2: * Gold (any form, serial number 321 and 323 of Notification No. 12/2012-Customs dated 17.03.2012 availed): US$426 per 10 grams * Silver (any form, serial number 322 and 324 of Notification No. 12/2012-Customs dated 17.03.2012 availed): US$650 per kilogram TABLE 3: * Areca nuts: US$2017 per Metric Tonne Impact Analysis: Importers and Exporters: * Impact: Importers and exporters of the specified goods will be directly affected by the revised tariff values, influencing the cost of imports and exports. * Action Required: Need to take note of the amended tariff values for valuation and duty calculation purposes. Customs Officials: * Impact: Customs officials are responsible for enforcing the revised tariff values. * Action Required: Implement the new tariff values for assessment and clearance of goods. Central Board of Excise and Customs: * Impact: Responsible for ensuring correct implementation of the notification. * Action Required: Monitor the impact of the revised tariff values and make adjustments as necessary.

Key Entities Referenced

Customs Act, 1962: An act of the Indian Parliament related to customs duties and regulations. Section 14(2) of this act is mentioned. Central Board of Excise and Customs: A government agency in India responsible for the formulation of policy concerning levy and collection of customs duties and other indirect taxes. Ministry of Finance: A ministry of the Government of India responsible for financial matters. Department of Revenue: A department under the Ministry of Finance, Government of India. New Delhi: The capital of India, where the notification was issued. S.O. 748 E: A notification number published in the Gazette of India, referred to in the document. Notification No. 12/2012-Customs: A customs notification referred to for the benefit of entries regarding Gold and Silver. SATYAJIT MOHANTY: Director, ICD. Name of the officer issuing the notification.
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T.) S.O. 2058(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:-¹Hkkx IIµ[k.M 3(ii)º Hkkjr dk jkti=k % vlk/kj.k 3 “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 811 2 1511 90 10 RBD Palm Oil 842 3 1511 90 90 Others – Palm Oil 827 4 1511 10 00 Crude Palmolein 851 5 1511 90 20 RBD Palmolein 854 6 1511 90 90 Others – Palmolein 853 7 1507 10 00 Crude Soyabean Oil 935 8 7404 00 22 Brass Scrap (all grades) 4138 9 1207 91 00 Poppy seeds 3255 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 98 426 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 98 650 per kilogram the Notification No. 12/2012-Customs dated 17.03.2012 is availed 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 2017” [F. No. 467/01/2014-Cus-5 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. 55/2014-Customs (N.T.), dated the 31st July, 2014, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O 1925 (E) Dated, the 31st July, 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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