Confiscated Gold for Disposal thru Public Sector Banks, MMTC and STC Allowed, SBI Monopoly Broken

[CBEC Circular No. 57 dated 1^st December 2016]

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

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 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.

F. No. 711/04/2011-CUS (AS)