The formalities to sell / auction unclaimed or un-cleared goods
Posted on
08 April 2023 Category : Export
The information provided here is part of Import Export course online
The formalities to sell / auction unclaimed or un-cleared goods
How are imported goods auctioned? What happens to the goods imported not claimed by importer? What happens to imported goods, if not customs cleared by importer? Who is the owner of imported goods if not cleared by consignee? What is the difference between confiscated goods and un cleared imported goods?
I have explained the difference between unclaimed and un-cleared imported goods, in my previous articles. The custodian of cargo, arrange to prepare a complete stock of goods and files with customs for necessary ‘no object’ approval to resell the product. If the imported cargo contains any goods prohibited to import, the particular cargo will be withdrawn from resale or auction, as the ownership of these items are transferred to customs department which falls under ‘confiscated goods’. Customs department is responsible for disposing of such goods. While scrutinizing the list of items, customs department withdraws the goods which are falling under the subject matter of any investigation or adjudication or court proceedings. After receiving ‘no objection’ from the customs by custodian, the public auction procedures are undergone. The fair price of goods determines by customs by taking in to consideration of import duties. The auction is undertaken with the presence of customs officials. The ‘reserve price’ for auction, fixed by custodian with the approval of customs includes duty amount also. If the first auction not taken place due to increase of ‘reserve price’, the said reserve price is reduced in the subsequent actions. If the goods could not sell with subsequent auctions, the cargo will be sold by calling tenders.
Do you wish to add more information about auction of imported goods / auction of un cleared goods/ auction of confiscated goods? Share your experience below about the procedures and formalities in handling imported goods which are confiscated/un cleared?
The above information is a part of Online Export Import course
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