Electronic Gold Receipt conversion rules treat gold-to-receipt and receipt-to-gold transactions as non-transfer events for capital gains. Conversion of gold into an Electronic Gold Receipt issued by a Vault Manager, and conversion of an Electronic Gold Receipt into gold, is treated as a transaction not regarded as transfer for capital gains purposes. The Electronic Gold Receipt takes the cost of the underlying gold in the hands of the person in whose name the receipt is issued, and gold released against the receipt takes the cost of the Electronic Gold Receipt in that person's hands.