On 15 October 2026, the Indian customs administration published notification No. 86/2026-Customs, revising the reference tariff values for eight categories of strategic products, applicable from 16 October. These new values — which serve as the basis for calculating customs duties — concern palm oils, soya bean oil, brass scrap, gold, silver and areca nuts, and immediately alter the customs equation for all European, American and global importers purchasing these raw materials into the Indian market.

India publishes new customs value schedule for eight strategic categories: vegetable oils, precious metals and brass scrap

On 15 October 2026, India's Central Board of Indirect Taxes and Customs (CBIC) published notification No. 86/2026-Customs (N.T.), revising the reference tariff values used to calculate customs duties on strategic imported products. This notification, issued under Section 14(2) of the Customs Act, 1962, took effect on 16 October 2026.

For global importers purchasing these raw materials into India, this revision immediately transforms the customs duty calculation: the new values are 1,223 dollars per metric tonne for crude palm oil, 1,316 dollars per 10 grams for gold, 1,907 dollars per kilogram for silver, 8,247 dollars per tonne for brass scrap, and 10,433 dollars per metric tonne for areca nuts. These values replace those set on 1 October in notification No. 80/2026.

Practical recommendation: If you import any of these eight product categories into India, check immediately the new values applicable from 16 October and recalculate your import costs for all customs declarations filed from that date onward.

Understanding Indian tariff values: a flat-rate valuation mechanism that replaces the actual price

India's tariff value system is a distinctive customs tool worth explaining. Under Section 14(2) of the Customs Act, 1962, the Indian government may fix reference tariff values for any category of imported or exported goods where it considers this necessary in the public interest. Once these values are notified, customs duties are generally calculated on the basis of these reference values, rather than on the actual transaction value.

In practical terms, this means that even if you purchased crude palm oil at a price lower or higher than 1,223 dollars per tonne, it is this flat-rate value that will serve as the basis for calculating your import duties into India. This mechanism aims to prevent under-valuation of goods and to standardise duty collection, but it requires importers to remain constantly vigilant: each revision — which generally occurs every 15 days — alters the tax calculation basis.

Indian tariff values are revised regularly to reflect fluctuations in global prices. The previous revision dated from 1 October 2026 (notification No. 80/2026); the 15 October revision replaces it after just 15 days.

Practical recommendation: Build a fortnightly monitoring process for CBIC tariff value notifications into your procurement operations. These frequent revisions can significantly alter your import costs, even where the duty rate itself remains unchanged.

What actually changes: a decrease for palm oils and gold, an increase for soya bean oil and brass

Compared with the previous schedule of 1 October, the 16 October revision lowers the reference values for palm-based oils, gold, silver and areca nuts, while increasing the values for crude soya bean oil and brass scrap. Here are the concrete impacts for the main products:

Crude palm oil: decrease from 1,229 to 1,223 dollars per metric tonne (-0.5%)
Crude soya bean oil: increase from 1,187 to 1,287 dollars per metric tonne (+8.4%)
Gold (specified categories): decrease from 1,339 to 1,316 dollars per 10 grams (-1.7%)
Silver (specified categories): decrease from 1,965 to 1,907 dollars per kilogram (-3.0%)
Brass scrap (all grades): significant increase to 8,247 dollars per tonne
Areca nuts: decrease from 11,574 to 10,433 dollars per metric tonne (-9.9%)

For an importer of crude soya bean oil, this revision results in an immediate increase in the taxable base of 100 dollars per tonne, which, applied to India's duty rate on vegetable oils (which can reach 30 to 40% depending on applicable trade agreements), may represent between 30 and 40 dollars of additional duty per tonne imported.

Practical recommendation: If you have containers of soya bean oil or brass scrap in transit to India for which customs clearance will take place after 16 October, recalculate your customs costs immediately and notify your Indian customers of the tariff adjustment. For gold and silver, take advantage of the lower reference values to optimise the timing of your shipments.

Products concerned: eight tariff categories under three separate tables

Notification No. 86/2026 amends notification No. 36/2001-Customs (N.T.) dated 3 August 2001 by replacing its three existing tables (TABLE-1, TABLE-2 and TABLE-3) with new tables prescribing the revised tariff values for the listed products. Here are the customs classifications concerned:

Table 1: Vegetable oils and brass scrap

Heading 1511 10 00: Crude palm oil and crude palmolein
Heading 1511 90 10: RBD (refined, bleached, deodorised) palm oil
Heading 1511 90 90: Other palm oil and palmolein
Heading 1507 10 00: Crude soya bean oil
Heading 7404 00 22: Brass scrap (all grades)

Table 2: Precious metals

The reference values for gold and silver apply to the categories described in the notification, and not indiscriminately to all items containing these metals. The schedule includes entries linked to specific customs concessions, with detailed descriptions covering bars, coins and other eligible forms.

Table 3: Areca nuts

Heading 080280: Areca nuts

Practical recommendation: Check that your products match exactly the descriptions set out in the notification before applying the tariff values. For gold and silver in particular, not all forms are covered by this flat-rate valuation: only the categories specifically listed in Table 2 are concerned.

Trade impact: a revision affecting 1.4 billion consumers and global supply chains

India is the largest world market for several of these products. The country is the world's leading importer of vegetable oils (around 15 million tonnes per year), a major consumer of gold (around 800 tonnes per year), and a growing importer of non-ferrous metal scrap for its recycling industry. Any change to tariff values therefore has an immediate impact on global trade flows.

For European exporters of vegetable oils, American exporters of metal scrap, or Asian exporters of precious metals, this revision means that the cost of entry into the Indian market has just changed. The increases on soya bean oil (+8.4%) and brass make these products less competitive, while the decreases on gold (-1.7%) and silver (-3.0%) may stimulate imports.

This revision comes against a particular backdrop for Indian trade: India has just notified, on 12 October, the rules of origin for its free trade agreement with New Zealand (which enters into force on 20 October), is actively negotiating with the European Union for an agreement expected in December 2026, and is facing trade tensions with the United States.

The Indian government uses tariff values as a flexible tool for regulating imports, one that is quicker to adjust than duty rates themselves.

Note: this revision does NOT change the customs duty rates, but only the basis of calculation. A product subject to 30% duty will see its taxation rise or fall proportionally to the change in the reference tariff value.

Practical recommendation: Anticipate future revisions. India generally publishes these adjustments every two weeks, and the values track fluctuations in global commodity prices. Monitor CBIC notifications on the official website of the Indian Ministry of Finance, and adjust your sourcing strategies accordingly.

India adjusts customs tariff values on 15 October: new basis for calculation on oils, gold and silver from 16 October 2026