Bullion - Definition - Law Dictionary Home Dictionary Definition bullion

Definition :

Bullion [fr. billon, Fr., copper], uncoined gold and silver in the mass. Those metals are called so, either when smelted from the native ore, and not perfectly refined; or when they are perfectly refined, but melted down into bars or ingots, or into any unwrought body, of any degree of fineness. As to the purchase of bullion for the Mint, see (English) Coinage Act, 1870 (33 & 34 Vict. c. 10), s. 9, which provides that the Treasury may, from time to time, issue to the Master of the Mint such sums as may be necessary to enable him to purchase bullion to provide supplies of coin for the public service. As to the weights used in sales of bullion, see Weights and Measures Act, 1878, replacing 16 & 17 Vict. c. 29. See CURRENCY AND BANK NOTES ACT.

Means gold or silver in the mass. It connotes gold or Silver regarded as raw material and it may be either in the form of raw gold or silver or ingots or bars of gold or silver, Deputy Commissioner Sales Tax (Board of Revenue) v. G.S. Pai, AIR 1980 SC 611: (1980) 1 SCR 938: (1980) 1 SCC 142 (144). (Kerala General Sales Tax Act, 1963, First Sch. Entry 56)