Gold - Deposit of gold with Mint procedure.

Document Text

Deposit of gold with Mint procedure: F. No. 711/44/85-Cus. (AS), dated 16-4-1987. Government of India, Ministry of Finance (Department of Revenue), New Delhi. Subject: Deposit of gold with Mint Procedure – Regarding: In supersession of the Ministry's letter F. No. 711/44/85-Cus. (AS.), dated 2-4-1987, the procedure adopted for deposit of confiscated gold and gold ornaments with the Government of India Mint by different Collaborates has been reviewed by the Board. In the interest of improving the present system of inventorisation, verification, security and safety of the gold deposited in the Mint, it has been decided that the following procedure may be adopted in future. (i) (ii) (iii) (iv) (v) While depositing confiscated primary gold/gold ornaments in the Mint, a detailed list of the items such as chains, rings, bangles, primary gold etc. showing the description, weight and purity, item-wise shall be prepared and this shall be consolidated showing aggregate weight of each of the items such as gold bars with foreign markings, primary gold and gold articles/ornaments, separately. In respect of various items of gold ornaments, average purity or the range of purity may be indicated in the inventory in addition to description/ quantity of the items. Gold bars with foreign markings, primary gold and gold articles/ ornaments should be separately packed and sealed for easy verification. At the time of deposit of the gold, category-wise acknowledgement may be obtained from the Bullion keeper of the Mint so as to ensure that what has been dispatched for deposit in the Mint has been duly received intact. If any variation is noticed in respect of quantity /weight of any of the items the matter should be probed to ascertain the reasons. The package containing the primary gold, articles/ornaments, etc. should be properly locked and sealed before the Assistant Collector in- charge of preventive/disposal before despatch, and the seal shall be broken only before the authorised officer of the Mint. The facsimile of seals used on the packets should be sent to the Mint in advance or sent under sealed cover marked 'secret' along with the gold. In case any damage to the seal is noticed the consignment may be accepted by the Mint with necessary remarks and the matter should be for proper separately reported to the Collectorates concerned enquiry/verification. If any definite evidence regarding tempering of the whole package is noticed the entire consignment should be returned to the Collectorates with suitable remarks. For subsequent modifications/developments, see F. Nos. 305/136/92-FTT, dated 15-5-1991 and 314/19/94-FTT (Pt. VI), dated 22-9-1994.

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