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of <h1>Amendment to Customs Act: Unclaimed Auction Proceeds to be Paid to Central Government After Six Months (Section 150)</h1> Clause 50 of the Finance Bill, 2011 proposes an amendment to section 150 of the Customs Act. This amendment introduces a proviso in sub-section (2), stipulating that if the balance of sale proceeds from un-cleared goods sold at auction cannot be paid to the owner within six months or an extended period authorized by the Commissioner of Customs, the remaining proceeds must be paid to the Central Government. This change addresses the procedure for handling sale proceeds when the owner cannot be located or paid in a timely manner.
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