SIALKOT: The Customs Intelligence and Investigation, Gujranwala, has started receiving residue amount of vehicles and miscellaneous items auctioned during fiscal year 2015-16.
Reportedly, the Customs Intelligence auctioned about 13 vehicles and 12 lots of miscellaneous items against Rs 20 million during the said period. The persons who participated in auction and got vehicles and miscellaneous items paid one third of the auction amount.
The participants filed surety bonds against the time limit announced by the department to clear the remaining amount. However the department declared time limit of three to six months to pay residue amount.
The successful bidders have started clearing the residue amount whereas the department also working to recover the amount.
It is leant that it is not necessary for the participants of auction to pay full amount on the day of auction, as they are bound to pay one third of full amount. The bidders also file surety bonds against the time limit given by the department to pay residue amount.
An official told Customs Today that the participants were bound to pay residue amount within the given time limit otherwise department issue notices to them and take legal action against them.
