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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>CBIC Issues New Rules: Seized Gold to be Sold Only to RBI, Excludes Ornaments and Jewelry.</h1> The circular outlines new guidelines for the sale of seized or confiscated gold by the Central Board of Indirect Taxes & Customs (CBIC). Effective immediately, such gold, excluding ornaments and jewelry, will be sold exclusively to the Reserve Bank of India (RBI). A tripartite Memorandum of Understanding (MoU) has been signed between CBIC, RBI, and Security Printing and Minting Corporation of India Limited (SPMCIL) to manage the collection, transportation, and conversion of gold into standard bars. The process involves specific customs commissionerates and IG Mints for handling and standardizing the gold before delivery to the RBI. The guidelines supersede previous instructions and emphasize timely disposal within three months of seizure.
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