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TMI BlogDisposal of gold—Clarification on Instruction No. 27/2021-Customs dated 03.12.2021X X X X Extracts X X X X X X X X Extracts X X X X ..... master, CBIC. Subject: Disposal of gold-Clarification on Instruction No. 27/2021-Customs dated 03.12.2021 -reg. Madam/Sir, I am directed to refer to Instruction No. 27/2021-Customs dated 03.12.2021 read with Corrigendum dated 10.01.2022, prescribing new procedure for disposal of gold, wherein it was envisaged that the seized/confiscated gold (other than ornament/jewellery/ articles) shall be transferred to Reserve Bank of India (RBI) through Security Printing and Minting Corporation of India Ltd. (SPMCIL). 2. While the implementation of the new procedure was by and large satisfactory, certain issues were brought to the notice of the Board. The issues are: i. Determination of amount of sale proceeds of gold while refu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Minimum quantity of gold for collection by SPMCIL: Arranging logistics and transport of gold involves cost, time and human resources. Therefore, prescribing minimum quantity for the purpose of handing over to SPMCIL, would optimize such cost and human resources. v. Capacity Constraints of India Government Mint at Hyderabad and remapping of Zones: Para 3.1 and Annexure II of Instruction No.27/2021-Customs dated 03.12.2021 describes mapping of Zones with Focal Commissionerates and IG Mints. SPMCIL has expressed certain capacity constraints in processing gold at IG Mint Hyderabad and requested for re-mapping of Zones for handing over gold. 3. The Board has examined the matter in consultation with RBI and SPMCIL. Accordingly, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t have already been handed over to SPMCIL till date, tariff value or average market price, as the case may be, on the date of handing over of gold to SPMCIL shall be taken as the basis and the average market price shall be approved by the Joint Pricing Committee. 3.2. Prescribing quarterly cycle for gold disposal: For the disposal of seized/confiscated gold, following cycle is prescribed for various actions in the Instruction No. 27/2021 dated 03.12.2021 . Actions Dates by which action to be completed for every quarter April to June July to September October to December January to March Inventory ce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity, the field formations may intimate SPMCIL more than once in a quarter also (i.e. if another lot exceeding the minimum quantity accumulates within the same quarter, the formation need not carry it over to the next quarter). 3.4. Revised mapping of Zones with mints: To address the issue relating to capacity constraint at India Government Mint at Hyderabad, the mapping of Zones is revised as below and Annexure II of Instruction No.27/2021-Customs dated 03.12.2021 stands amended to that extent. Mapping of Customs Commissionerates to Focal Customs Commissionerates and IG Mints Name of the IG Mint Name of the Focal Customs Commissionerate Commissionerates Mapped with Foca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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