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.
(ROHIT AN N )
Under Secretary to Govt. of India
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, 5th Floor, Hudco Vishala Building,
R. K. Puram. New Delhi.