Sale of Confiscated gold

By Vijay Kumar

If sale of confiscated cars is a problem, there seems to be an equally daunting task in selling confiscated gold. And the Board has issued instructions on how to go about it.

• The sale of seized/confiscated gold shall be routed through State Bank of India who will act essentially as consignee agents

• Gold shall be delivered by the concerned Customs House to the Bank at the major centre(s), viz. Mumbai, New Delhi, Calcutta, Chennai, Ahmedabad, Jaipur,Cochin, Bangalore and Shillong for sale in the open market.

• No commission will be levied by the Bank on the Customs Department. However, out of pocket expenses incurred by the Bank would be deductible @ 1% of the market price

• The Bank will arrange for payment of taxes such as Sales Tax, Octroi etc. out of the sale proceeds of the gold and would submit copies thereof to the concerned Commissioner of Customs

• The Bank will take physical delivery of the gold from the Customs warehouse/ office against a suitable acknowledgment

Board’s F.No.711/164/93-CUS(AS)