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Confiscated goods above Rs 5 Lakh to be disposed of through eauction

27 Aug, 2016 Print

In cases of seizure or confiscation of consumer goods valued at Rs. 5 lakh or more, such goods will now be now be disposed of by way of e-auction. 


The societies and federations can participate in the auction, but they will not get any discount or rebate. However, such goods valuing less than Rs 5 lakh will be offered to cooperative societies and federations at 10 per cent discount, the Central Board of Excise and Customs (CBEC) said in a circular.


"Any lot of confiscated/seized consumer goods, which is ripe for disposal and whose value does not exceed Rs 5 lakh, shall be offered to NCCF/KB/other central government employees consumer cooperative society/ multi-state consumer cooperative societies/ state consumer cooperatives, at a uniform rebate/ discount of 10 per cent," it said.


The societies or federations will not be allowed to "pick and choose" the items and they will have to sell the goods on "first come first serve" basis.

Central Vigilance Commission has been emphasising on e-commerce/ e-procurement/ e-sales for enhancing transparency, giving equal opportunities to all.