Seized goods auction goes digital

The Federal Board of Revenue has launched an online auction platform for seized and confiscated goods, Dawn reported on October 23. Applicants with a valid CNIC or NICOP can register by paying a one-time fee of at least Rs25,000, while each approved bidder receives a unique identification number.

Bidding will run online for 72 hours from the first offer, with the system showing the highest valid bid and keeping a digital record. After bidding closes, an authorised officer has 72 hours to process the top offer; successful bidders must pay the accepted amount and applicable charges within seven days before goods are released.

A three-member Inland Revenue committee will set reserve prices using relevant values and the goods’ condition. If a lot fails to sell in three consecutive auctions, the committee can lower its reserve price by up to 10pc at a time; lower bids require approval and cannot fall below 80pc of the reserve price.