CBIC Revises Tariff Values for Imported Oils, Precious Metals, and Areca Nuts Under Section 14(2) of Customs Act

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....The CBIC, exercising powers under Section 14(2) of the Customs Act, 1962, has revised tariff values for specified imported goods through Notification No. 13/2025-Customs (N.T.) dated March 13, 2025. The notification amends the earlier Notification No. 36/2001-Customs (N.T.) by substituting new tariff values in three tables covering: edible oils (including Crude Palm Oil at $1169/MT and Crude Soya bean Oil at $1098/MT); precious metals (gold at $941 per 10 grams and silver at $1067 per kilogram); and areca nuts at $8140/MT (unchanged). The revised tariff values, which determine the customs duty calculation basis for these commodities, take effect from March 14, 2025.....