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of <h1>New Rules for Unclaimed Cargo: Custodians Set Reserve Prices, Customs Approves Bids u/s 48 of Customs Act 1962.</h1> The circular addresses the procedure for disposing of unclaimed or uncleared cargo under Section 48 of the Customs Act, 1962. It revises the guidelines for cargo that has been unclaimed for less than one year, requiring custodians to set a reserve price with government-approved valuers, without Customs' involvement in valuation. Customs will approve the reserve price and bids. If goods remain unsold and exceed one year, custodians can sell them independently, as outlined in a previous circular. These instructions are to be communicated to all relevant parties immediately.
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