CBIC Revises Import Tariff Values Under Section 14(2) for Palm Oil, Gold, Silver, and Brass Scrap

CBIC exercised powers under Section 14(2) of Customs Act 1962 to revise tariff values for specified commodities. New values effective February 1, 2025, include: Crude Palm Oil at USD 1109/MT, RBD Palm Oil at USD 1158/MT, Brass Scrap at USD 5239/MT, Gold at USD 897/10g, and Silver at USD 1001/kg. The notification amends earlier tariff values established under Notification 36/2001-Customs (N.T.) and maintains Areca nuts value at USD 6448/MT. These revisions apply to imports and establish baseline values for customs duty assessment, ensuring standardized valuation across ports. .....

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