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of <h1>New Procedures for Selling Seized Gold: SBI to Act as Consignee Agent, Excludes Ornaments and Jewelry.</h1> The government has revised procedures for selling seized or confiscated gold, excluding ornaments and jewelry. The State Bank of India will act as consignee agents, selling the gold in major centers like Mumbai and New Delhi. Gold will be converted to marketable forms and priced based on the previous day's market rates. The bank will handle taxes and deduct expenses, depositing proceeds into a designated account. The Customs Department will ensure gold quality and packaging, and the bank will decide sale timing and location. The arrangement will be reviewed as needed, and the bank will also explore selling coins based on gold content.
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