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of <h1>New Procedure for Unclaimed Cargo Disposal Under Customs Act Section 48: E-Auctions and Importer Notifications Explained.</h1> The circular outlines the revised procedure for disposing of unclaimed or uncleared cargo under Section 48 of the Customs Act, 1962, at Customs Stations. Custodians must list cargo unclaimed for over 30 days and seek clearance for auction from Customs authorities. The process involves notifying importers, updating cargo details, and obtaining necessary regulatory clearances. Auctions are conducted through e-auctions, with a reserve price set by government-approved valuers. The procedure applies to cargo unloaded after April 1, 2018, and includes guidelines for auction proceeds and bidder refunds. The circular emphasizes timely execution and public awareness through trade associations.
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