Guidelines for the sale of seized/confiscated gold, ripe for disposal - Reg

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... taken by the Government, in future, seized/confiscated gold would be disposed off by the Department through the State Bank of India. To finalise the procedural aspects of disposal, a meeting was held at Bombay with the Chairman and other senior officials of the State Bank on 23 rd February, 2001 which was attended by Member (Customs), Chief Commissioner of Customs and Commissioner of Customs (Preventive), Bombay, for the Department. The various procedural formalities to be followed for disposal - both by the Customs and the State Bank - were finalized and these have since been approved by the Government. Broadly, for the sale of the gold bullion, or other forms, the following procedure would be followed: i. Customs Department would route .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... as gold prices can fluctuate substantially even during the course of a day this factor has to be borne in mind. Customs Department will not have any on-line system of exchange of information on fixation of prices the Bank will exercise its discretion/judgement on (a) when to sell (b) at which price for sell. vi. The floor price for sale would however, be tentatively reserved at the previous day's closing Bullion Merchant Association Price at the concerned center less 1% (one percent). The above arrangement would be reviewed as and when necessary through mutual discussions : vii. No commission would be levied by the Bank on the Customs Department. However, all out of pocket expenses incurred by the Bank would be deductible from the sale .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Bank of India as per the above guidelines. Encl : As above Yours faithfully, (Dr. Vinayak Prasad ) Under Secretary to the Government of India Copy to: PS to Chairman (E C)/PS to All Members of CBEC. DGRI/DG (Vigilance)/DGJ/All Chief Commissioner. All Commissioners of Customs (Appeal). JS(RA)/ JS(Customs)/JS(TRU)/ JS(DBK)/ Commissioner (Systems)/ Commissioner, Dte. of Preventive Operation. All Directors/ Dy. Secretaries/ Under Secretaries/ STOs in CBEC. All attached and subordinate Offices. Guard File. (Dr. Vinayak Prasad ) Under Secretary to the Government of India ANNEXURE I International Gold Price based on On going market (A)USD__________ Add CIP .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X