TMI BlogGuidelines for the sale of seized/ confiscated gold – RegX X X X Extracts X X X X X X X X Extracts X X X X ..... ines for the sale of seized/ confiscated gold - Reg. In view of the difficulties being encountered in the disposal of seized/confiscated gold, the procedure prescribed vide Ministry's letter of even number dt. 9.03.2001 has been reviewed by the Government. The procedure for disposal by sale of seized/confiscated gold (other than gold ornaments/jewellery which is to be disposed of as before) sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the closing market price of the previous day, as reported in the local editions of the three national Economic daily newspapers. Sales tax/Octroi etc. will be extra and chargeable to the buyer. iv) The pricing of gold will be worked out by the Bank taking due note of the methodology as per enclosed Annexure-I. The Customs Department will accept the price worked out by the Bank on this basis. v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In the event of any gold being found counterfeit, the same will be returned to the Commissioner of Customs concerned. The Department will also ensure that the gold is suitably packaged as per practice in the market. The Bank would render necessary assistance to Customs Department. viii) The Bank will take physical delivery of the gold from the Customs warehouse/ office against a suitable ackno ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l discussion. x) The Bank will also explore the scope for marketability of coins. The price of such coins will be based on the actual gold content only. 2. Board desires that all Custom Houses should take urgent steps to dispose of seized/confiscated gold as per the guidelines above. Encl : As above. Yours faithfully, Priya V.K. Singh Deputy Secretary ANNEXURE-I 1. Quantity of go ..... X X X X Extracts X X X X X X X X Extracts X X X X
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