Gold withdrawal procedures for Electronic Gold Receipts are omitted, ending the prescribed depository approval and vault delivery mechanism. Regulation 19 on withdrawal of gold has been omitted, removing the specific procedure for physical withdrawal against Electronic Gold Receipts. Before ... Summary
Gold withdrawal procedures for Electronic Gold Receipts are omitted, ending the prescribed depository approval and vault delivery mechanism.
Regulation 19 on withdrawal of gold has been omitted, removing the specific procedure for physical withdrawal against Electronic Gold Receipts. Before omission, the beneficial owner applied through the depository, which approved withdrawal after satisfaction of Vault Manager charges. The Vault Manager was required to deliver gold, extinguish the Electronic Gold Receipts, and notify the depository. A Vault Manager refusing or failing to deliver gold bore the burden of proving a lawful excuse.
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