9911796707
TMI BlogDisposal of Unclaimed/Uncleared CargoX X X X Extracts X X X X X X X X Extracts X X X X ..... n noticed that the importer files the bill of entry but does not clear the goods due to various reasons such as financial problems, lack of demand for the goods, etc. Such goods are called 'uncleared goods'. In some cases, the importer does not even come forward to file the bill of entry for clearance of goods. Such goods are known as 'unclaimed goods'. 2. In terms of the provisions of the Custom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ms is obtained. The provisions relating to manner of disposal of unclaimed/uncleared goods and apportionment of sale proceeds thereof are contained in sections 48 and 150 of the Customs Act, 1962. Procedure for sale of unclaimed/uncleared goods: 4. For sale of such unclaimed/uncleared goods, the custodian first identifies the goods which are lying uncleared for more than 30 days. He then prepar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disposal is received from the Customs, the custodian gets the fair price of the goods determined by Customs. The price approved by the Customs (inclusive of duty leviable) generally forms the basis of 'reserve price' for the purpose of auction of the goods. 6. After fixation of reserve price, the custodians arrange public auctions which are held in the presence of proper officer of Customs. In th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ds. In addition, sales expenses incurred on sale of such goods are to be recovered. In most of the cases, the sale proceeds of such goods may not be sufficient to meet liabilities of all the agencies. In such cases, question arises as to which liability is to be met first. To take care of such a situation, provisions have been made in section 150(2) of the Customs Act. The sale proceeds of any suc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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