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    <title>Pledge or hypothecation of Bullion Depository Receipt held in a Bullion Depository</title>
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      <description>Pledge or hypothecation of a Bullion Depository Receipt by a beneficial owner requires previous approval of the bullion depository. Every beneficial owner must intimate the bullion depository of the pledge or hypothecation, following which the bullion depository must make corresponding entries in its records. Such record entries are treated as evidence of the pledge or hypothecation.</description>
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