Tariff Value for Gold and Silver – Notification Amended
NOTIFICATION No. 36/2001-Cus(NT) dated 03.08.2001, fixes the tariff value for certain goods.
The Notification is as follows:
TABLE
S. No. | Chapter/ heading/ sub-heading/tariff item | Description of goods | Tariff value USD |
|---|---|---|---|
(1) | (2) | (3) | (4) |
1 | 1511 10 00 | Crude Palm Oil | 447 |
2 | 1511 90 10 | RBD Palm Oil | 476 |
3 | 1511 90 90 | Others – Palm Oil | 462 |
4 | 1511 10 00 | Crude Palmolein | 481 |
5 | 1511 90 20 | RBD Palmolein | 484 |
6 | 1511 90 90 | Others – Palmolein | 483 |
7 | 1507 10 00 | Crude Soyabean Oil | 580 |
8 | 7404 00 22 | Brass Scrap (all grades) | 4007 |
9 | 1207 91 00 | Poppy seeds | 1970 |
This Notification was amended by Notification No. 3/2012-Cus(NT) dated 16th January 2012 by which Sl. No. 10 and 11 were added to the Table above to fix tariff value for gold and silver.
S. No. | Chapter/ heading/ sub-heading/tariff item | Description of goods | Tariff value US $ |
|---|---|---|---|
(1) | (2) | (3) | (4) |
10 | 71 | Gold, in any form in respect of which the benefit of Notification No. 3/2012-Customs dated 16.01.2012 is claimed | 526 per 10 grams |
11 | 71 | Silver, in any form in respect of which the benefit of Notification No. 3/2012-Customs dated 16.01.2012 is claimed | 953 per kilogram |
Now, this notification is again amended a day after the gold amendment to put gold and silver in a new table. All the existing items are in Table-1 and Gold and Silver are in Table-2. Further, the word, claimed is changed to availed. There is perhaps a more interesting and important reason. If you look at Col. 4 of the table to the notification, you will find the tariff value is in US Dollars per Tonne for all the items. Now, Gold and Silver are bunched into the same group whereas the tariff value for gold and silver is per 10 gms and per kg respectively and not per metric tonne. Perhaps they wanted to correct this also. Amending notifications (which have the status of LAW) is a casual job in the Board. They can coolly make a mistake today and correct it the next day. Who is going to pay for the tons of paper wasted?
Notification No. , Dated January 17, 2012