Customs Seized Gold to be Disposed thru STC, MMTC and All Approved Banks

    Follow Guidelines of 08.08.2005

[Ref: Circular No. 01/2018- Customs dated 11 January 2018]

Subject: Guidelines for the sale of seized I 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 Board's Circular No. 57/20 16-Customs dated 01.12.20 16.

2. In this context, I am directed to state that in addition to the centre(s), viz, Mumbai, New Delhi, Calcutta, Chennai, Ahmedabad, Jaipur, Cochin, Bangalore and Shillong, the sale of seized / confiscated gold found ripe for disposal can be done at all the centres of State Bank of India, all Public Sector Banks (approved by RBI to import and sell gold), MMTC Ltd. and STC Ltd which also have authorisation from their competent authorities / head offices to dispose/sell the seized/confiscated gold handed over to them.

3. 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.

4. Board desires that all Custom Houses should take urgent steps to dispose of seized / confiscated gold as per the guidelines above.

F.No. 711/4/2011-Cus (AS)