1.A committee consisting of the following members is authorized to examine case and permit deviations from the above policy selectively or wholly or for a particular period of time as deemed fit.  

2.Members of the committee
 1.CHIEF GENERAL MANAGER
 2.HEAD OF DEPARTMENT (RISK MANAGEMENT & CREDIT CONTROL)
 3.JT. GENERAL MANAGER (AUDIT & INSPECTION)

Minimum bid price for each lot shall be fixed based on the following.
1. Prevailing market price of gold based on the rates published by the Indian Bullion and Jewellers Association Ltd
2. Total dues to be received in the loan account which includes advance and interest up to the date of auction and other charges levied and recoverable.
3. General quality of the gold  (In case the ornaments are found to be having  purity of  less than 22 carat, the company will have the discretion to quote a lesser floor price for the lot.)

Ornaments in unredeemed accounts listed for auction will be put up for sale in appropriate/convenient lots through a public auction procedure wherein the prospective bidders participating in the auction shall quote their prices over and above the minimum fixed bid price in the open auction in accordance with Fair Practice Code for Bidders participating in the Auction detailing the Terms and Conditions of Auction. An auction will be carried out provided minimum 3 bidders are available as participants.