53. Disposal of gold in the possession of licensed dealers, refiners and certified goldsmiths in certain cases.
- Where the period of validity of any licence issued to a dealer or refiner has expired or where any application for the renewal of such licence has been rejected, or where such licence or a certificate granted to a goldsmith has been cancelled, such dealer, refiner or certified goldsmith, as the case may be, shall within thirty days from the date of such expiry, rejection or cancellation,-(i)sell or otherwise transfer to any other licensed dealer or refiner the entire quantity of gold (other than ornaments) in his possession, custody or control on the date of such expiry, rejection or cancellation, as the case may be, and send intimation thereof to the Administrator; and(ii)either sell or otherwise transfer or take over as personal property any ornament which is in his possession, custody or control on the said date.
