Vaulting services for bullion-related instruments now follow prescribed procedures, replacing detailed electronic gold receipt creation requirements.
Regulation 18 provides for procedures governing vaulting services for bullion underlying bullion-related instruments. It replaces an earlier Electronic Gold Receipt framework requiring Vault Managers to use a common depository interface, appoint authorised persons, create receipts after accepting gold, and record prescribed depositor, vault, charge, gold-bar, purity and refiner details. Depositories credited Electronic Gold Receipts to the beneficial owner's demat account, while Vault Managers were responsible for the accuracy of creation data.
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