Guidelines for the sale of seized/ confiscated gold – Reg

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....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 agents. Gold considered ripe for disposal shall be delivered by the concerned Customs House to the Bank at the major centre(s), viz. Mumbai, New Delhi, Calcutta, Chennai, Ahmedabad, Jaipur,Cochin, Bangalore and Shillong for sale in the open market. ii) Such gold shall, as far as possible, be in an easily marketable form such as TT bars, 1kg bars, 500/100gms bars etc.  Crude gold/ jewellery will be converted by the Customs Department to .999/.995 ....

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....stoms concerned.  The Department will also ensure that the gold is suitably 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 to be sold based on various cost / other factors and will also exercise its discretion/ judgment as to (a) when to sell (b) at what price to sell. Although it has to be borne in mind that gold prices can fluctuate significantly even during the cours....

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....                            Rs ___________ 5. Octroi, if applicable                                                      Rs ___________ 6. Total price of gold                               ....