Has the gin when putting the sword away (9)

I believe the answer is:

sheathing

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'putting the sword away' is the definition.
I can't tell whether this definition defines the answer.

'has the gin' is the wordplay.
'has the gin' can be anagrammed to 'SHEATHING'.
But, I am not sure how the anagram is indicated.

'when' acts as a link.

Can you help me to learn more?

(Other definitions for sheathing that I've seen before include "putting it in a case" , "protective covering" .)

I've seen this clue in the Evening Standard.

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