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(Customs) Guidelines for the Sale of Seized/ Confiscated Gold

CBEC Circular No. 57/2016-Customs dated 1st December 2016

- Reference 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. 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.

- 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.

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

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