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TMI BlogDisposal of gold—Clarification on Instruction No. 27/2021-Customs dated 03.12.2021X X X X Extracts X X X X X X X X Extracts X X X X ..... on Instruction No. 27/2021-Customs dated 03.12.2021-reg. Madam/Sir, I am directed to refer to Instruction No. 27/2021-Customs dated 03.12.2021 read with Corrigendum dated 10.01.2022, prescribing new procedure for disposal of gold, wherein it was envisaged that the seized/confiscated gold (other than ornament/jewellery/ articles) shall be transferred to Reserve Bank of India (RBI) through Security Printing and Minting Corporation of India Ltd. (SPMCIL). 2. While the implementation of the new procedure was by and large satisfactory, certain issues were brought to the notice of the Board. The issues are: i. Determination of amount of sale proceeds of gold while refunding the amount in lieu of gold already disposed: There are instances wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ort of gold involves cost, time and human resources. Therefore, prescribing minimum quantity for the purpose of handing over to SPMCIL, would optimize such cost and human resources. v. Capacity Constraints of India Government Mint at Hyderabad and remapping of Zones: Para 3.1 and Annexure II of Instruction No.27/2021-Customs dated 03.12.2021 describes mapping of Zones with Focal Commissionerates and IG Mints. SPMCIL has expressed certain capacity constraints in processing gold at IG Mint Hyderabad and requested for re-mapping of Zones for handing over gold. 3. The Board has examined the matter in consultation with RBI and SPMCIL. Accordingly, the following additional instructions are issued for disposal of gold in terms of Instruction No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e date of handing over of gold to SPMCIL shall be taken as the basis and the average market price shall be approved by the Joint Pricing Committee. 3.2. Prescribing quarterly cycle for gold disposal: For the disposal of seized/confiscated gold, following cycle is prescribed for various actions in the Instruction No. 27/2021 dated 03.12.2021. Actions Dates by which action to be completed for every quarter April to June July to September October to December January to March Inventory certifications 30th April 31st July 31st October 25th January Intimation to SPMCIL 5th May 5th August 5th November 1st February Handing over to SPMCIL 20th May 20th August 20th November 10th February *Delivery to RBI 20th June 20th Septem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Commissionerates Mapped with Focal Customs Commissionerate Hyderabad Customs Commissionerate, Hyderabad All Customs Commissionerates under Customs & CGST Zones of Hyderabad and Visakhapatnam. Kolkata Customs (Preventive) Commissionerate, West Bengal All Customs Commissionerates under Customs Zones of Kolkata and Patna (Prey.); All Customs Commissionerates under Customs & CGST Zones of Bhubaneshwar and Guwahati (NER). Mumbai Customs Commissionerate, Mumbai (General) All Customs Commissionerates under Customs Zones of Ahmedabad, Delhi, Delhi (Prey.), Mumbai-I, Mumbai-II, Mumbai-III, Bengaluru, Chennai, and Tiruchirappalli (Prey.); All Customs Commissionerates under Customs & CGST Zones of Thiruvananthapuram, Bhopal, Meerut, N ..... X X X X Extracts X X X X X X X X Extracts X X X X
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