Regarding guidelines for the sale of seized/ confiscated gold

Last updated: 02 December 2016

Notice Date : 01 December 2016

Circular No. 57/2016-Customs
F. No. 711/04/2011-CUS (AS) Government of India Ministry of Finance Department of Revenue Anti Smuggling Unit (CBEC)
Room No. 512, 5th
Floor, Hudco Vishala Building, R. K. Puram, New Delhi.
Dated 01.12.2016

To
All Principal Chief/ Chief Commissioners of Customs/ Customs (P),

All Principal Chief/ Chief Commissioners of Customs & Central Excise,

All Principal Commissioners/ Commissioners of Customs/ Customs (P),

All Principal Commissioners/ Commissioners of Customs & Central Excise,

Webmaster, CBEC Website.

Subject:- Guidelines for the sale of seized/ confiscated gold - reg.

Madam/Sir,

I am directed to refer to the procedure for disposal of seized/ confiscated gold prescribed vide Ministry's letter F. No. 711/164193-CUS (AS) dated 08.08.2005 and to state that in addition to the State Bank of India, the sale of seized/ confiscated gold found ripe for disposal can be routed through all Public Sector Banks (approved by RBI to import and sell gold), MMTC Ltd. and STC Ltd.

2. All the other conditions prescribed in the Ministry's letter vide F. No. 711/164/93-CUS (AS) dated 08.08.2005 shall be followed.

3. Board desires that all Custom Houses should take urgent steps to dispose of seized/ confiscated gold as per the guidelines above.

Yours faithfully,

(ROHIT ANAND )

Under Secretary to Govt. of India