Guidelines for the sale of seized/ confiscated gold

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.... Ministry's letter of even number dt. 9.03.2001 has been reviewed by the Government. The procedure for disposal by sale of seized/confiscated gold (other than gold ornaments/jewellery which is to be disposed of as before) shall be as follows: i) The sale of seized/confiscated gold found ripe for disposal shall be routed through State Bank of India (Bank) who will act essentially as consignee ag....

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....able to the buyer. iv) The pricing of gold will be worked out by the Bank taking due note of the methodology as per enclosed Annexure-I. The Customs Department will accept the price worked out by the Bank on this basis. v) No commission will be levied by the Bank on the Customs Department. However, all out of pocket expenses incurred by the Bank would be deductible (@ 1% of the market price)....

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....y packaged as per practice in the market. The Bank would render necessary assistance to Customs Department. viii) The Bank will take physical delivery of the gold from the Customs warehouse/ office against a suitable acknowledgment. The control system /mechanism for this purpose will be worked out by the Bank and advised to the Department ix) The Bank will decide at which centre the gold is ....

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.... that all Custom Houses should take urgent steps to dispose of seized/confiscated gold as per the guidelines above. Yours faithfully, Priya V.K. Singh Deputy Secretary ANNEXURE-I 1. Quantity of gold sold ___________gms 2. Average market price per 10 grams (based on the closing market price reported in the three national Economic dailies) Rs ___________ 3. Price o....