Section 2. Sub. by s.c. clrd (Refuspectus)

(6) On receipt of an application for the issue or renewal of a licence under this section, the Administrator may, after making such inquiry, if any, as he may consider necessary, by order in writing either issue or renew the licence, or reject the application for the same: Provided that no licence shall be issued or renewed under this section unless the Administrator, having regard to the following matters, is satisfied that the licence should be issued or renewed, namely: (a) the number of dealers existing in the region in which the applicant intends to carry on business as a dealer, (b) the anticipated demand, as estimated by him, for ornaments in that region, (c) the turnover of the applicant, if he had been carrying on business as a dealer prior to the commencement of Part XIIA of the Defence of India Rules, 1962, during the two years immediately preceding such commencement, or, in the case of an application for the renewal of a licence, the date of the application for such renewal, (d) the previous experience, if any, of the applicant with regard to the making, manufacturing, preparing, repairing or polishing of, or dealing in, ornaments, (e) the suitability of the applicant, (f) the suitability of the premises where the applicant intends to carry on business as a dealer, (g) the public interest, and (h) such other matters as may be prescribed. (8) Every licensed dealer shall ensure that every artisan or other person employed by him complies, in the course of such employment, with the provisions of this Act or any rule or order made thereunder and of any other law relating to gold or foreign exchange for the time being in force. 1 M. of Law—38 Subs. by Act 26 of 1969, 5.6 (retrospectively). Ins., ilid. (wcl 3-7-69). 286 Gold (Control) [ACT 45 Money-lending business not to be carried on in licensed premises. 22. A licensed refiner shall not— (i) buy or otherwise acquire or accept or otherwise receive, or (ii) melt, assay, refine, alloy or extract gold or subject it to any other process, or (iii) sell, deliver, transfer or otherwise dispose of, any gold, except under such conditions, limitations and restrictions as may be prescribed. (7) (a) The Administrator shall specify in each licence granted to a dealer, the premises in which such dealer shall carry on business and no other person shall carry on business as a dealer in the said premises. (b) A licensed dealer shall not carry on business as such dealer in any premises other than the premises specified in his licence. (1968) Gold (Control) 285 in such form and on payment of such fees, not exceeding one hundred rupees, as may be prescribed) for the issue of a licence. 2. In this Act, unless the context otherwise requires,— (a) "Administrator" means the Administrator appointed Definitions, under section 4; (b) "article" means any thing (other than ornament), in a finished form, made of, manufactured from or containing, gold, and includes— (i) any gold coin, (ii) broken pieces of an article, but does not include primary gold; Gold (Control) [ACT (c) "artisan" means a person (other than a certified goldsmith) who is employed by a licensed dealer, whether on cash or deferred payment or on commission, remuneration or other valuable consideration, to make, manufacture, prepare, repair, polish or process any article or ornament or to melt, process or convert gold for the purpose of making, manufacturing, preparing, repairing or processing any article or ornament; (d) "certified goldsmith" means a self-employed goldsmith who holds a valid certificate referred to in section 39; (e) "coin" means a thing which is stamped and issued by or on behalf of Government or by any other authority in exercise of its sovereign power in order to be used for the time being as money, whether such coin is a current coin or not; (f) "commencement of Part XIIA of the Defence of India Rules, 1962" means the day on which that Part was initially inserted into the Defence of India Rules, 1962, that is to say, the tenth day of January, 1963; 2. Sub. by s.c. clrd (Refuspectus). [ACT 45] NOT CORRECTED FOR INDIA CODE (g) "company" means a company as defined in section 3 of the Companies Act, 1956, and includes a foreign company as defined in section 591 of the said Act; 1 of 1956. (h) "dealer" means any person who carries on, directly or otherwise, the business of making, manufacturing, preparing, repairing, polishing, buying, selling, supplying, distributing, melting, processing or converting, gold, whether for cash or for deferred payment or for commission, remuneration or other valuable consideration, and includes— (i) a Hindu undivided family which carries on such business; (ii) a local authority, company, society registered under the Societies Registration Act, 1860, co-operative society incorporated under any law with respect to co-operative societies, club, firm or other association of persons which carries on such business, or— (a) buys or accepts gold (for the purpose of making ornaments) from, OF 1968] Gold (Control) (b) makes, manufactures, prepares, repairs or polishes ornaments for, (c) processes, melts or converts gold (for the purpose of making ornaments) for, (d) sells, supplies or distributes ornaments or other gold (for the purpose of making ornaments) to, its members; (iii) a commission agent, broker, del credere agent, auctioneer or other mercantile agent, by whatever name called, who carries on such business on behalf of any principal, 38 of 1959. 10 of 1949. but does not include the Reserve Bank of India, the State Bank of India, any subsidiary bank as defined in clause (k) of section 2 of the State Bank of India (Subsidiary Banks) Act, 1959, or any banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949, in so far as such bank sells or transfers, or exhibits for sale or transfer, any gold. 3 of 1930. Explanation.—For the purposes of this Act— (a) every person who acts as an agent of a dealer residing outside India and carries on the business of such dealer in India or acts on behalf of such dealer as— (i) a mercantile agent as defined in the Sale of Goods Act, 1930, or (ii) an agent for handling gold or documents of title relating to gold, or (iii) an agent for the collection or payment of sale price of gold or as a guarantor for such collection or payment; and (b) every branch in India of a firm or company having its registered office outside India, if such firm or company is a dealer, shall be deemed to be a dealer; Gold (Control) [ACT:430 (i) "declaration" means a declaration which is required by this Act or was required by rule 126-I of the Defence of India Rules, 1962, or the Gold (Control) Ordinance, 1968, to be made 6 of 1968, with regard to the ownership, possession, custody or control of gold; (j) "gold" means gold, including its alloy (whether virgin, melted or re-melted, wrought or unwrought), in any shape or form, of a purity of not less than nine carats and includes primary gold, article and ornament; (k) "gold coin" means a coin made of gold of any purity, whether such purity exceeds nine carats or not; (l) "Gold Control Officer" means a Gold Control Officer appointed under section 4; (m) "licensed dealer" means a dealer who holds a valid licence granted under section 27 authorising him to carry on business as a dealer; (n) "licensed refiner" means a refiner who holds a valid licence granted under section 17 authorising him to carry on business as a refiner; (o) "notification" means a notification published in the Official Gazette; (p) "ornament" means a thing, in a finished form, meant for personal adornment or for the adornment of any idol, deity or any other object of religious worship, made of, or manufactured from, gold, whether or not set with stones or gems (real or artificial), or with pearls (real, cultured or imitation) or with all or any of them, and includes parts, pendants or broken pieces of ornament. Explanation.—For the purposes of this Act, nothing made of gold, which resembles an ornament, shall be deemed to be an ornament unless the thing (having regard to its purity, size, weight, description or workmanship) is such as is commonly used as ornament in any State or Union territory; (q) "prescribed" means prescribed by rules made under this Act; of 1968] Gold (Control) 269 (r) "primary gold" means gold in any unfinished or semi-finished form and includes ingots, bars, blocks, slabs, billets, shots, pellets, rods, sheets, foils and wires; (s) "refiner" means a person who, being the owner, lessee or occupier of a refinery, is engaged in the business of melting, assaying, refining, alloying or extracting gold from any ore, salt or chemicals or subjecting it to any other process; (t) "refinery" means a place where gold is melted, assayed, refined, alloyed or extracted from any ore, salt or chemicals or subjected to any other process for the purpose of making primary gold and includes a place where gold is assayed at the request of any dealer or other person, whether for the purpose of making primary gold or not, but does not include a place where gold is melted, alloyed or subjected to any other process by a licensed dealer or his artisan or a certified goldsmith for the purpose of making, manufacturing, preparing, repairing, polishing or processing any article or ornament; (u) "standard gold bar" means primary gold of such fineness, dimensions, weight and description and containing such particulars as may be prescribed; (v) "value", in relation to primary gold, article or ornament, means,— (i) when the gold is seized under this Act, the market price of such gold as on the date of the seizure thereof, (ii) when the gold is not available for seizure, the market price of such gold as on the date on which the notice referred to in section 79 is issued. Explanation.—"market price",— (i) in relation to gold seized, means the price at which such gold is ordinarily sold or offered for sale at, or near to, the place of seizure; and (ii) in relation to any other gold, means the price at which such gold is ordinarily sold or offered for sale at, or near to, the place where the offence in relation to that gold is detected.