Who receives the amount of auctioned / resold imported unclaimed/un-cleared goods?

 

The information provided here is part of Guide on howtoexport and import 

 

Who receives the amount of auctioned imported goods?

 

 

Who is the owner of auctioned imported goods / resold imported goods/ unclaimed imported goods / un-cleared goods?

 

I have explained about auction of imported goods under confiscation, unclaimed etc. in another article in this website.

 

Ok, now let us discuss about the ownership of imported goods if not claimed by importer. Who is the owner of goods imported under un claimed category? If customs confiscates goods found contraband, who would be the owner of such imported goods? If such unclaimed imported goods are auctioned/resold, who are the owners of such imported goods?

Who receives the amount of auctioned

If more than one owner for such imported goods, what would be the preference on sharing?

 

If any goods imported falls under un claimed or un cleared, such goods are auctioned by authorities to compensate their loss. So, how is amount shared under auctioned imported goods?

 

There are certain provisions to be followed while sharing the amount of auctioned / resold goods under the category of ‘unclaimed’ and ‘un-cleared’. Normally, the value of sale proceeds may not be sufficient to meet the liabilities of all parties involved.

 

How the amount of auctioned/resold goods is shared between parties involved?

 

In India, certain rules and regulations are followed to share the amount of auctioned/resold imported goods. The amount of sale proceeds distributes as per the following order:

 

 

1. The amount has to be utilized to settle all expenses including legal charges, to auction or resell the goods.

2. The amount has to be settled the freight amount and other charges inclusive of legal expenses to send the notice to importer regarding the said issue.

3. The amount has to be settled to the authorities for any duty or taxes involved.

4. This amount will be adjusted against the due amount by importer under customs law of this shipment or an other law.

 

If any amount left over, the said amount will be given to the owner of the goods.

 

Have you satisfied with this article about distribution of auctioned imported goods or unclaimed imported goods? Do you wish to add more information about auctioned imported goods and unclaimed imported goods?

 

Share below your experience about handling of unclaimed imported goods and auctioned imported goods.

 

 

The above information is a part of Online export import training guide 


Comment below your thoughts about this article - Who receives the amount of auctioned imported goods?

 

 

Other details on how to import export 

 

The formalities to sell / auction unclaimed or un-cleared goods
Cargo arrived destination crossed 30 days
What happens, if cargo not cleared by importer
What happens if proper tracking of goods not effected in export import business?
What is first check assessment procedures in import customs clearance
How to make delay in delivery of cargo
How to start Export Business?
How to get Export Orders?
What are the risks and solutions in Export Business?
Click here to know India Trade Classification(ITC)
Service Tax - Click here to read complete notification under Budget 2014
What is Bank post shipment credit to exporters?
Types of export containers
Measurement of export containers
Foreign Trade Policy of India 2015-2020
MEIS, Merchandise Exports from India Scheme
SEIS, Service Exports from India Scheme
Merge your Commercial Invoice and Packing List for all your future exports
Export procedures and documentation

 

 

Transferability of Bill of Lading

Transhipment - A redefinition

Travelers to India under import duty exemption, Frequently Asked Questions Part 2

Triangular export

 Triangular shipment

Types of Insurance Documents.

Importance of Bill of Lading

Introduction to this web site.

 Is Airway bill a documents of title?

 Is Customs House Agents (CHA ) required to be appointed mandatory?

 Is DP terms of payment safe in export business?

Is Letter of Credit LC safe for an Importer?

 Is ON BOARD CERTIFICATE required for LC negotiation

Why to insure export goods?

Why, best attention while preparing Export Invoice?

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Comments


BONDI KESAV RAO: WHO WILL APPROVE THE RESERVE PRICE OF UNCLAIMED CARGO. wE ARE HAVING VALUATION REPORTS WITH US OF GOVT. VALUAVER. CAN U GIVE US SOME NOTIFICATIONS WHERE BOARD CLEARLY MENTIONED ABOUT THE SAME. CUSTOMS OFFICE NOT APPROVING THE VALUES.

Surendran Kollerath: Hi Bondi Kesav Rao, selling cost of imported goods on auction is decided by customs authorities, custodian of cargo and carrier of goods . Such pricing varies from laws and regulations of different countries. You may contact the concerned authorities.

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