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India's Central Board of Indirect Taxes and Customs (CBIC) has announced a comprehensive revision of tariff values applicable to a range of imported commodities. This revision includes crude and refined palm oils, palmolein, and crude soybean oil, alongside brass scrap, gold, silver, and areca nuts. The updated values are set to become effective from August 15, 2026, thereby altering the customs valuation benchmark for specified imported goods from that date.
The notification was issued by the Ministry of Finance, Department of Revenue, through CBIC, exercising powers conferred under Section 14(2) of the Customs Act, 1962. Section 14 provides the statutory framework for determining the value of imported and exported goods for customs purposes. CBIC has stated its satisfaction that a revision of tariff values is necessary and expedient, and has consequently amended the previous notification governing these values.
This latest notification follows an earlier amendment issued via Notification No. 69/2026-Customs (N.T.) dated August 10, 2026, indicating that tariff values for these commodities are periodically updated in response to prevailing valuation considerations. Under the 'substituted Table-1', CBIC has prescribed tariff values in US dollars per metric tonne for several edible oils and brass scrap. These specific figures are detailed in 'Table-1' of the notification.
This revision is particularly relevant for importers dealing in edible oils and non-ferrous metal scrap, as the tariff value serves as the prescribed customs valuation benchmark for goods covered by the notification. A significant part of the revised notification pertains to gold. Under 'Table-2', gold in any form benefiting from Serial No. 194 of Notification No. 45/2025-Customs dated October 24, 2025, has been assigned a tariff value of US$1,407 per 10 grams.
The notification separately covers specified gold falling under Chapter 71. This includes gold bars, other than tola bars, bearing an engraved manufacturer's or refiner's serial number and weight expressed in metric units. It also encompasses gold coins with a gold content of not less than 99.5%, as well as specified gold findings, subject to exclusions for imports through post, courier, or baggage. The tariff value set for this category is also US$1,407 per 10 grams. The notification clarifies that 'gold findings' refer to small components such as hooks, clasps, clamps, pins, catches, and screw backs used to hold jewelry parts in place.
The notification also revises the tariff value for specified forms of silver to US$2,097 per kilogram. Under 'Table-2', silver in any form benefiting from Serial No. 195 of Notification No. 45/2025-Customs dated October 24, 2025, has been assigned a tariff value of US$2,097 per kilogram. A distinct entry covers silver falling under heading 71, including silver in specified forms other than medallions and silver coins with a silver content of not less than 99.9%, alongside specified semi-manufactured forms under sub-heading 7106 92.
The same US$2,097 per kilogram tariff value applies to the specified silver covered by this entry. Importantly, the notification includes a specific explanation regarding the scope of the silver entry. For the purpose of the relevant tariff-value entry, 'silver in any form' does not include foreign currency coins, jewelry made of silver, or articles made of silver. This clarification is vital as it delineates the commodities to which the prescribed tariff value applies, preventing the phrase 'silver in any form' from being interpreted to cover the expressly excluded categories.
Similarly, the notification provides a detailed description of the gold category covered by the revised tariff value. Gold bars, other than tola bars, must bear the manufacturer's or refiner's engraved serial number and have their weight expressed in metric units. The entry also covers gold coins containing at least 99.5% gold and specified gold findings. However, the notification excludes imports of such goods through post, courier, or baggage from this specified entry. This distinction is crucial for customs authorities and importers, as the tariff-value entry is linked not merely to the broad description of gold but also to the characteristics and mode of import specified in the notification.
Under 'Table-3', CBIC has prescribed a tariff value of US$11,574 per metric tonne for areca nuts falling under tariff item 080280. Areca nuts are therefore among the commodities for which the customs valuation benchmark has been specifically updated through this latest notification.
The revised tariff values will come into effect from August 15, 2026. The notification was issued in New Delhi on August 14, 2026, bearing the reference F. No. 467/01/2026-Cus.V, and was signed by Indrajit Panda, Under Secretary.
Accordingly, import transactions covered by the revised entries from August 15, 2026, will be governed by the substituted tariff values. This latest notification does not establish an entirely new tariff-value framework. Instead, it amends the long-standing Notification No. 36/2001-Customs (N.T.) dated August 3, 2001. The principal notification was originally issued under Section 14(2) of the Customs Act and has undergone multiple subsequent amendments. The latest notification explicitly records that the principal notification was last amended through Notification No. 69/2026-Customs (N.T.) dated August 10, 2026.
Through Notification No. 70/2026, the existing 'Table-1', 'Table-2', and 'Table-3' have been replaced with the newly prescribed tables. The notification is highly relevant for importers, customs brokers, and businesses engaged in commodities covered by these revised tables. For the specified goods, the tariff values notified by CBIC provide the customs valuation benchmark prescribed under the statutory framework. Consequently, importers dealing in palm oil, palmolein, soybean oil, brass scrap, specified gold and silver products, and areca nuts will need to factor the revised values into consignments covered from August 15, 2026.
The practical impact will depend on the nature of the goods, applicable tariff classification, any exemptions or concessions being claimed, and the specific conditions attached to each entry.
Source: Juris Hour