Custom
TRT-2025-
Date:-06-09-22
In:-
Issue Favourable to Tax Payer ?:-
Instruction No. 22/2022-Customs Dated – 6th September 2022
Determination of amount of sale proceeds of gold while refunding the amount in lieu of gold already disposed:
- Henceforth, at the time of seizure, it may be ensured by the seizing Commissionerate/agency, that the seizure report has the details of purity of gold in terms of carat. Further, at the time of handing over of gold to SPMCIL in terms of Instruction No.27/2021 dated December 03, 2021, the tariff value and the average market price per 10gm (based on the closing market price reported in three national economic dailies), shall be entered in the stock register (refer to Para 3.4.1 & Form 5 of Chapter 3 of Disposal Manual, 2019).
- Whenever seized gold has to be returned on account of any order from a judicial forum and the gold has already been disposed of, the amount to be refunded in lieu of such gold shall be calculated as given below:
i. If the seizure is made in the Customs area, calculation shall be based on the tariff value of gold on the date of transfer of such seized/confiscated gold to SPMCIL; and
ii. If the seizure is made at any place other than Customs area, calculation shall be based on the average market price of gold on the date of transfer of such seized/confiscated gold to SPMCIL.
Prescribing quarterly cycle for gold disposal:
- The Memorandum of Understanding (MoU) signed between CBIC, SPMCIL and RBI mentions, inter alia, that the frequency of transfer of gold shall normally be once every quarter of a year. Hence, the entire cycle of gold disposal needs to be on a quarterly basis.
Prescribing Minimum quantity of gold for collection by SPMCIL:
- Field formations may intimate SPMCIL only when they have a minimum of 10 kg gold ripe for handing over.
- Moreover, it may also be noted that if the gold ready to be handed over to SPMCIL is more than minimum prescribed quantity, the field formations may intimate SPMCIL more than once in a quarter also (i.e. if another lot exceeding the minimum quantity accumulates within the same quarter, the formation need not carry it over to the next quarter).
Revised mapping of Zones with mints:
- To address the issue relating to capacity constraint at India Government Mint at Hyderabad, the mapping of Zones is revised of Instruction No.27/2021-Customs dated December 03, 2021 stands amended.
Expanding the scope of Instruction No.27/2021-Customs dated December 03, 2021 to include gold ornaments/jewellery /articles:
- The guidelines prescribed in Instruction No. 27/2021 is now made applicable to seized/ confiscated gold in any form of 24 carat purity i.e. including gold ornaments/jewellery/articles of 24 carat purity, and such gold may be disposed of in terms of the said Instruction.
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