Section 17 in Illegally Acquired Property (Receipt, Management And Disposal) Rules, 2018
17. Disposal of valuables.
- Subject to the sale proceeds being credited to account as may be specified by the State Government, the Administrator shall dispose of the valuables mentioned below in the following manners, namely :-(1)Gold, gold jewellery, silver and silver jewellery. - The valuables, namely, gold, gold jewellery, silver and silver jewellery shall be deposited in the Government of India Mints which shall credit the value of such property to the State Government.(2)Diamonds. - Rough and uncut diamonds shall be sold either by auction or tender to import licence holders against debit of their licences. Cut and polished diamonds shall be sold by auction or tender with the specific condition that such diamonds shall be exported.(3)Precious and semi-precious stones other than diamonds. - (i) Rough and uncut precious and semi-precious stones other than diamonds shall be sold by auction or tender to holders of import licences against debit of their licences in the internal market.(ii)Cut and polished precious and semi-precious stones, other than diamonds, shall be sold internally, by auction or by tender.
