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?
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?
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The above information is a part of Online export import training guide
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Other details on how to import export
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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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