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of <h1>Customs Circular Sets New Auction Rules for Seized Goods: Monthly Auctions, E-auctions in 100 Days, JPC Pricing.</h1> The circular outlines guidelines for the valuation and disposal of seized, confiscated, and time-expired goods through auction-cum-tender. It mandates monthly auctions and the establishment of a Joint Pricing Committee (JPC) in each Customs Commissionerate to determine the Fair Price of goods, considering wholesale market prices and profit margins. The Fair Price excludes book value considerations and is set by Government Approved Valuers. Auctions are conducted up to three times if necessary, and e-auctions are to replace physical auctions within 100 days. These procedures do not apply to goods disposed of through other specific methods. The circular supersedes previous instructions.
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