Regulation 19 - Withdrawal of gold - Securities and Exchange Board of India (Vault Managers) Regulations, 2021

Withdrawal of gold 19 . (1) A beneficial owner seeking to withdraw gold from the vault shall place a request with the depository. (2) The depository, after satisfying the payment of charges due to the Vault Manager, shall intimate its approval for withdrawal of gold to the concerned Vault Manager. (3) Upon receipt of communication from the depository under sub-regulation (2) above, the Vault Manager shall hand over the gold and extinguish the Electronic Gold Receipt(s), subject to the beneficial owner producing acknowledgement of receipt and such other documents as may be specified by the Vault Manager. (4) The Vault Manager shall intimate the extinguishment of the Electronic Gold Receipt(s) to the depository. (5) If a Vault Manager refuses or fails to hand over the gold, the burden of proof shall lie on the Vault Manager to establish the existence of a lawful excuse for its refusal or failure to allow such withdrawal.