Tamil Nadu government on 400 kg gold hunt

According to the government, the successful bidder has to supply the coins at the designated locations in 32 district treasuries/pay and accounts offices in 32 districts.



The delivery of the coins should be completed within 30 days of placing the firm order by the government.

The successful bidder should provide a bank guarantee of Rs.50 lakh for every 10,000 coins supplied.

The quality/purity of the gold coins will have to be certified to the state government by an assayer approved by Bureau of Indian Standards (BIS) or any international agency.

The cost of quality control tests and the wastage of coins will be billed to the government separately.

According to the government, if the quality of the coin is suspect, the tenderer should buy back the same at a price paid for them by the government or the open market price at the time of buy-back whichever is higher plus the overhead cost.

The government can also take criminal action for supply of defective coins.

The cost of gold would include the metal price fixed by the London Bullion Market Association London Gold Fixing AM and at the Reserve Bank of India reference Rate-INR/1 USD as on the day following the date of finalisation of tender.