Realizable Securities Part5 (Advances General Information)

14 May 2014

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 Realizable Securities Part1 (Advances General Information)
Realizable Securities Part2 (Advances General Information)
Realizable Securities Part3 (Advances General Information)
Realizable Securities Part4 (Advances General Information)

Advances against Pledge of Gold Ornaments

The Manager / Officer should ascertain –

1. That the advances are made only to the persons known to the Bank or introduced properly to the Bank.
2. That the purpose of the loan and source of repayment have been considered prior to granting the facility. 
3. That the gold appraiser is approved by the controlling office. 
4. That the amount of advance is not more than the rate prescribed by the Central Office. 
5. That while delivering the ornaments written acknowledgement on the loan ledger is obtained from the borrower prescribing received gold ornaments weighing ___gms. In good condition and order. 
6. That the ornaments are kept in the proper custody of the bank during the currency of the advance. 
7. That the loan register contains details about gross weight, net weight, description and value of gold ornaments.
8. That gold ornaments containing extraneous matter such as stings or artificial stones are not accepted as far as possible.

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Post Category : Advances General Information , Banking , Business , Core Banking System