Standard Gold Bar

Standard gold bar, the definition of the term 'standard gold bar' under s. 2(u) does not contemplate the standard gold bar being cut into pieces. A standard gold bar being of a prescribed weight and purity cannot in many cases be handed over to a certified goldsmith without cutting the same. If a dealer, therefore, has to give a cut piece of standard gold bar to a certain goldsmith the remaining portion of the standard gold bar will be treated as primary gold in his hands, Hukumchand Ratanchand Banthia v. Union of India, AIR 1970 SC 1453 (1466): (1969) 2 SCC 166. [Gold Control Act, 1968, s. 3(u)]