Seized-confiscated custom gold sales guidelines. Disposal to be routed through PSBs approved by RBI to import sell gold, MMTC Ltd. and STC Ltd

Seized-confiscated custom gold sales guidelines. Disposal  to be routed through PSBs approved by RBI to import sell gold, MMTC Ltd. and STC Ltd.

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, 51th Floor, Hudco Vishala Building,
R. K. Puram, New Delhi.
Dated : 01.12.2016

To
(i) All Principal Chief/ Chief Commissioners of Customs/ Customs (P),
(ii) All Principal Chief/ Chief Commissioners of Customs & Central Excise,
(iii) All Principal Commissioners/ Commissioners of Customs/ Customs (P),
(iv) All Principal Commissioners/ Commissioners of Customs & Central Excise,
(v) 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. 711/164/93-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 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