Gold valuation for exchange traded funds now ties to LBMA AM fixing with prescribed currency, metric and delivery adjustments. Gold held by gold exchange traded fund schemes must be valued at the LBMA AM fixing price in US dollars per troy ounce for 995 fineness, with adjustments for conversion to metric measures and conversion of US dollars to Indian rupees by the RBI reference rate declared by FEDAI, and addition of transportation charges and notional customs duty and applicable taxes or a notional delivery premium; greater fineness uses the relevant LBMA AM fixing price. Non standard bars must be assayed and converted into LBMA good delivery standard bars prior to valuation.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Gold valuation for exchange traded funds now ties to LBMA AM fixing with prescribed currency, metric and delivery adjustments.
Gold held by gold exchange traded fund schemes must be valued at the LBMA AM fixing price in US dollars per troy ounce for 995 fineness, with adjustments for conversion to metric measures and conversion of US dollars to Indian rupees by the RBI reference rate declared by FEDAI, and addition of transportation charges and notional customs duty and applicable taxes or a notional delivery premium; greater fineness uses the relevant LBMA AM fixing price. Non standard bars must be assayed and converted into LBMA good delivery standard bars prior to valuation.
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