CBIC Revises Tariff Values Under Section 14(2): New Rates for Palm Oil, Gold, Silver and Other Commodities

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....CBIC exercised powers under Section 14(2) of Customs Act 1962 to revise tariff values for specified commodities. New values set for crude palm oil ($1111/MT), RBD palm oil ($1147/MT), soybean oil ($1082/MT), and brass scrap ($5244/MT). For precious metals, gold tariff value fixed at $938/10g and silver at $1043/kg. Areca nuts valued at $8140/MT. The notification amends earlier order No. 36/2001-Customs (N.T.) and takes effect from February 15, 2025. Values apply to specific tariff items under respective customs headings, with detailed specifications for gold and silver forms qualifying for these rates.....