Bullion withdrawal requires depository approval, vault delivery against documents, written acknowledgment, and justification for any refusal or failure. Withdrawal of bullion represented by a bullion depository receipt requires depository approval and intimation to the vault manager. The vault manager must ... Summary
Bullion withdrawal requires depository approval, vault delivery against documents, written acknowledgment, and justification for any refusal or failure.
Withdrawal of bullion represented by a bullion depository receipt requires depository approval and intimation to the vault manager. The vault manager must deliver the bullion upon production of required documents and written acknowledgment by the beneficial owner. Where delivery is refused or not made, the vault manager bears the burden of proving a sufficient reason. The vault manager must also notify the bullion depository when bullion is withdrawn from the vault.
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