Guidelines for the sale of seized/confiscated gold reg

Last updated: 04 December 2021

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The Indian government has issued new guidelines for the sale of seized and confiscated gold, excluding gold ornaments and jewellery. Under these updated procedures, all such gold will now be sold exclusively to the Reserve Bank of India (RBI). This change is facilitated by a Memorandum of Understanding (MOU) signed between the Central Board of Indirect Taxes & Customs (CBIC), the RBI, and the Security Printing and Minting Corporation of India Limited (SPMCIL). SPMCIL will manage the collection, transportation, and conversion of the gold into standard gold bars before delivery to the RBI.

Instruction No. 27/2021-Customs F. No. CBIC-50711/5/2021-INV-CUSTOMS Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes Customs (Investigation-Customs) New Delhi, dated 3rdDecember, 2021 To All the Principal Chief/Chief Commissioners of Cu

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FAQ :

Seized and confiscated gold, excluding ornaments and jewellery, will now be sold exclusively to the Reserve Bank of India (RBI).

SPMCIL is engaged for the collection, transportation, melting, assaying, and conversion of seized/confiscated gold into standard gold bars for delivery to the RBI.

The gold will be processed at India Government Mints (IG Mints) located in Hyderabad, Kolkata, and Mumbai, which have the facilities to melt gold.

The price of the fine gold purchased by the RBI will be based on the average LBMA rate for the preceding 30 days from the date of receipt of gold by the RBI in Mumbai, converted to INR using the FBIL USD:INR exchange rate of that day.

A Standard Gold Bar conforms to London Bullion Market Association (LBMA) specifications, typically weighing around 11-13 kg with a fineness of at least 995 parts per 1,000 fine gold.

SPMCIL is expected to complete the processes on the collected gold within one month of its collection.

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Notification No : Instruction No. 27/2021-Customs
Published in Custom
Source : https://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-instructions/cs-instructions-2021/cs-ins-27-2021.pdf

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