The Central Board of Excise and Customs (CBEC) recently directed the Customs Houses to take urgent steps to dispose seized gold as per the prescribed guidelines.
The Circular clarifies that, in addition to the State bank of India, the sale of seized/confiscated gold can be made through all other Public Sector Banks which are approved by the RBI to import and sell gold, MMTC Ltd and STC Ltd.
The Board further mandates to comply with the other conditions prescribed in the ministry’s letter dated 08.08.2005.
Read the full text of the Circular below.
