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of <h1>Unclaimed Cargo Disposal: Section 48 of Customs Act Allows Auctions After One Year with Set Reserve Prices.</h1> The circular outlines the procedure for the disposal of unclaimed or uncleared cargo under Section 48 of the Customs Act, 1962. It mandates that cargo unclaimed for over a year can be disposed of by custodians through public auction, e-auction, or tender, with a reserve price set by government-approved valuers. The process includes notifying consignees, obtaining customs clearance, and ensuring compliance with Central Vigilance Commission guidelines. If goods remain unsold after four auctions, the reserve price is waived. For cargo unclaimed for less than a year, a reserve price is set, but customs approval is required for both reserve prices and bids. Sale proceeds are shared according to Section 150 of the Customs Act.
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