Eligibility criteria for vault managers: corporate status, financial security, infrastructure, insurance and comprehensive SOP requirements. Registration requires applicants to be Indian-incorporated bodies corporate with specified minimum net worth and a refundable financial security deposit; maintain prescribed infrastructure and adequate insurance for gold storage and withdrawal; and implement a Standard Operating Procedure detailing deposit/withdrawal, assaying, Electronic Gold Receipt creation, depositor identification, security policies, loss procedures, record-keeping and periodic reconciliation, grievance redressal, and necessary office, technology and systems capabilities, with further criteria as may be specified by the Board.
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Provisions expressly mentioned in the judgment/order text.
Eligibility criteria for vault managers: corporate status, financial security, infrastructure, insurance and comprehensive SOP requirements.
Registration requires applicants to be Indian-incorporated bodies corporate with specified minimum net worth and a refundable financial security deposit; maintain prescribed infrastructure and adequate insurance for gold storage and withdrawal; and implement a Standard Operating Procedure detailing deposit/withdrawal, assaying, Electronic Gold Receipt creation, depositor identification, security policies, loss procedures, record-keeping and periodic reconciliation, grievance redressal, and necessary office, technology and systems capabilities, with further criteria as may be specified by the Board.
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