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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>India Sets Rules for Selling Unclaimed Goods in SEZs and FTWZs Under Customs Act Section 48.</h1> The circular outlines the guidelines for the disposal of unclaimed and abandoned goods in Special Economic Zones (SEZs) and Free Trade Warehousing Zones (FTWZs) in India. It specifies that units holding such goods are considered custodians under Section 48 of the Customs Act, allowing them to sell these goods in the Domestic Tariff Area (DTA) if unclaimed. The document details the procedure for transparent disposal, including public auctions, regulatory clearances, and valuation of goods. It mandates a structured process involving notices to importers, inventory preparation, and obtaining necessary No Objection Certificates (NOCs) before auctioning the goods.
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