The Federal Bureau of Revenue (FBR) has introduced a new e-system for the auction of goods held by the Customs department according to ProPakistani. The system will allow the goods to be sold to potential buyers without the need for being physically present in auctions held inside customs warehouses.
FBR has also issued an updated set of rules for an e-auction in this regard.
Previously, the goods seized or confiscated by the customs department are held and a physical auction is held to sell them. This is a lengthy process as people first need to register for the auction and then be present at the location to bid.
The new system will allow the customs department to hold auctions online by registering the goods to be sold with the system and then pushing a notification for an e-auction. The potential bidders will have to register online using their CNIC and mobile number after paying a registration fee. After bidding, the winner will be able to go to the customs warehouses and take possession of the goods.
This however will restrict the access that bidders will have to view the product before bidding on it. However, it will increase the number of bidders as anyone can bid on it sitting at home.
The auction will be initiated online by the Assistant or Deputy Collector or by any other officer authorized by the Collector.
Services exports are up 12.66% in September 2020 while trade deficit decreases