Disposal of seized gold: clarified valuation, quarterly transfer cycle, minimum handover threshold, and inclusion of pure gold jewellery. This Instruction modifies Instruction No.27/2021-Customs to require recording gold purity at seizure, entering tariff value or an average market price in the stock register at handover to the processor, and using tariff value for refunds where seizure occurred in a customs area or average market price where it did not; the average market price is to be approved by the Joint Pricing Committee. It prescribes a quarterly schedule for certification, intimation, handover, delivery and realisation, sets a minimum accumulation threshold before intimating the processor with an exception for the final quarter, expands the procedure to 24-carat jewellery, and revises zone-to-mint mappings.
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Disposal of seized gold: clarified valuation, quarterly transfer cycle, minimum handover threshold, and inclusion of pure gold jewellery.
This Instruction modifies Instruction No.27/2021-Customs to require recording gold purity at seizure, entering tariff value or an average market price in the stock register at handover to the processor, and using tariff value for refunds where seizure occurred in a customs area or average market price where it did not; the average market price is to be approved by the Joint Pricing Committee. It prescribes a quarterly schedule for certification, intimation, handover, delivery and realisation, sets a minimum accumulation threshold before intimating the processor with an exception for the final quarter, expands the procedure to 24-carat jewellery, and revises zone-to-mint mappings.
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