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of <h1>New Guidelines for Disposing Unclaimed Cargo Under Customs Act Section 48: Auction Procedures and Revenue Safeguards.</h1> The circular outlines procedures for the disposal of unclaimed or uncleared cargo under Section 48 of the Customs Act, 1962. It mandates custodians to list cargo unclaimed for over 30 days and send it to the jurisdictional Commissioner of Customs for potential auction. The process includes notifying importers, obtaining necessary No Objection Certificates, and conducting auctions through e-auction platforms like MSTC. The circular specifies steps for inventory preparation, regulatory clearances, valuation, and auction procedures. It also addresses the disbursement of auction proceeds and provides guidelines for handling unsold goods. The instructions aim to expedite cargo clearance and minimize revenue loss.
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