https://www.taxtmi.com/circulars?id=65270 Seized/confiscated gold (other than jewellery) shall be sold only to the RBI under a tripartite MoU with SPMCIL. SPMCIL will collect gold from Customs Commissionerates, transport it to designated India Government Mints for XRF pre assay, pre melting, assaying and conversion into LBMA specification standard bars; handovers must use witnessed HOGS Notes and CCTV records. Focal Commissionerates issue Preliminary and Final Weight Notes based on SPMCIL assay outputs; SPMCIL delivers bars to RBI at Mumbai and charges for melting/refining and logistics are reimbursed by CBIC. RBI values gold using the 30 day average LBMA rate converted via FBIL and shares final weight and price with DoL prior to payment; DoL maintains ledgers and effects payments to SPMCIL. en-us Fri, 03 Dec 2021 00:00:00 +0530 Wed, 11 Feb 2026 15:59:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=65270 Seized/confiscated gold (other than jewellery) shall be sold only to the RBI under a tripartite MoU with SPMCIL. SPMCIL will collect gold from Customs Commissionerates, transport it to designated India Government Mints for XRF pre assay, pre melting, assaying and conversion into LBMA specification standard bars; handovers must use witnessed HOGS Notes and CCTV records. Focal Commissionerates issue Preliminary and Final Weight Notes based on SPMCIL assay outputs; SPMCIL delivers bars to RBI at Mumbai and charges for melting/refining and logistics are reimbursed by CBIC. RBI values gold using the 30 day average LBMA rate converted via FBIL and shares final weight and price with DoL prior to payment; DoL maintains ledgers and effects payments to SPMCIL. Circulars Customs Fri, 03 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/circulars?id=65270