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.

Yours faithfully,

(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.

Dated 01.12.2016

If you like my article, please share this on :


Search Professional Post Query Post Assignment Read More Articles

In case of business query on above subject, comment here or contact One Roof Consultant




article author

One Roof Consultant

Tax Expert
Tax solutions provider , One Roof Consultant



CHECKOUT TRENDING ARTICLES


  • How to Pay Zero Tax for Income up to Rs 12 Lakhs from Salary for Financial Year 2016-17

  • Do not wait till 31st July to file your Income Tax Return – Keep Ready 9 documents to file before due date

  • Missed to Submit HRA declaration to Employer? You can claim HRA at the time of Filing Returns and get Refund from Income Tax

  • Features and Step wise process - Income Declaration Scheme 2016 – Convert your Black Money to White

  • How to Pay Zero Tax for Business Receipts -Turnover of Rs 1 Crore

  • How to Pay Zero Tax for Professionals (CA, CS, Lawyers, Doctors, etc) earning Income of Rs 16 Lakhs

  • Why you should file Income Tax Return? Benefits of Filing Income Tax Returns

  • How to save Rs 10 crore as retirement corpus

  • Having Turnover of Less than 10 Lakhs? How to File NIL Service Tax return with Circular No 033/2012

  • Starting a New Business or Profession? Compare Structure and type of Entity– Sole, Partnership, LLP or Company

  • Revised and Latest TDS Tax Deducted at Source Rate Chart for FY 2016-17 AY 2017-18

  • Exemption for Capital Gain Arising on Transfer of Resident House Property

  • WILL- Important points, Tax Advantages of will and Format of WILL

  • Revised and Latest TDS Tax Deducted at Source Rate Chart for FY 2016-17 AY 2017-18

  • Exemption for Capital Gain Arising on Transfer of Resident House Property

  • WILL- Important points, Tax Advantages of will and Format of WILL

  • Senior Citizens Tax Benefits in Income Tax Act - Filing, exemptions, advance tax and other benefits

  • Registration process for Trade Mark


  • GET FREE ARTICLE UPDATES VIA EMAIL

    Always stay updated with latest information on expertmile

    I hope by reading this article you got enlighten on ,Guidelines for the sale of seized/ confiscated goldfurther to mention before taken any financial decision based on this content it is prefered to take an expert opinion as matter can be subjective.