Tariff value lowered for some veg oil imports while it remains unchanged for silver
The Dollar Business Bureau | @TheDollarBiz 
The Indian government has increased the import tariff value on gold, crude soybean oil, poppy seeds and arecanuts. However, the import tariff value has been lowered on crude and refined palmolein oil, and brass scrap. The tariff value on silver and crude palm oil imports remains unchanged. A surge in gold imports in September 2014 widened India’s trade deficit to $14.25 billion, up around 32% from a trade deficit of $10.83 billion recorded in the previous month. Meanwhile, vegetable oil imports continue to remain at high levels, with crude vegetable oil accounting for around 92% of all veg oil imports by India in September 2014. Earlier this week, the Solvent Extractors Association of India (SEA) said that the government must discourage imports of crude palm oil because low prices will hurt the returns of farmers in India. Details of changes in import tariff value as notified (No. 97/2014-CUSTOMS N. T., dated October 16, 2014) by the Ministry of Finance follow:
| Chapter/ heading/ sub-heading/tariff item |
Description of goods |
Tariff value US$ (as of August 29, 2014) |
| 71 or 98 |
Gold |
420 per 10 grams |
| 71 or 98 |
Silver |
645 per kilogram |
| Tariff value US$ (as ofSeptember 30, 2014) |
Tariff value US$ (as of October16, 2014) |
| 396 per 10 grams |
401 per 10 grams |
| 575 per kilogram |
575 per kilogram |
| Chapter/ heading/ sub-heading/tariff item |
Description of goods |
Tariff value US$ Per Metric Tonne (as of August 29, 2014) |
| 7404 00 22 |
Brass Scrap (all grades) |
4077 |
| Tariff value US$ Per Metric Tonne (as of September 30, 2014) |
Tariff value US$ Per Metric Tonne (as of October16, 2014 |
| 3987 |
3953 |
| Chapter/ heading/ sub-heading/tariff item |
Description of goods |
Tariff value US$ Per Metric Tonne (as of August 29, 2014) |
| 1511 10 00 |
Crude Palm Oil |
743 |
| 1511 90 10 |
RBD Palm Oil |
752 |
| 1511 90 90 |
Others – Palm Oil |
748 |
| 1511 10 00 |
Crude Palmolein |
771 |
| 1511 90 20 |
RBD Palmolein |
774 |
| 1511 90 90 |
Others – Palmolein |
773 |
| 1507 10 00 |
Crude Soyabean Oil |
890 |
| Tariff value US$ Per Metric Tonne (as of September 30, 2014) |
Tariff value US$ Per Metric Tonne (as of October 16, 2014) |
| 725 |
725 |
| 750 |
750 |
| 738 |
738 |
| 762 |
755 |
| 765 |
758 |
| 764 |
757 |
| 838 |
852 |
| Chapter/ heading/ sub-heading/tariff item |
Description of goods |
Tariff value US$ Per Metric Tonne (as of August 29, 2014) |
| 1207 91 00 |
Poppy seeds |
3429 |
| Tariff value US$ Per Metric Tonne (as of September 30, 2014) |
Tariff value US$ Per Metric Tonne (as of October 16, 2014) |
| 3429 |
3641 |
| Chapter/ heading/ sub-heading/tariff item |
Description of goods |
Tariff value US$ Per Metric Tons (as of August 29, 2014) |
| 80280 |
Areca nuts |
2017" |
| Tariff value US$ Per Metric Tons (as of September 30, 2014) |
Tariff value US$ Per Metric Tons (as of October 16, 2014) |
| 2017" |
2239 |
This article was published on October 17, 2014.
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