The Customs Department through the Department OR through its custodians at CFS/ ICDs and Bonded Warehouses is required to sell seized / confiscated goods / uncleared / unclaimed cargo and goods under Time Expired Bonds in order to recover its dues.

Valuation of such cargo is required to be done under Section 48 and or Section 72 of the Customs Act, 1962 with a view to estimate the fair price and/or reserve price.

Fair price for the purpose of auction is the best price at which the Custom House can sell the goods under normal conditions and is somewhat lower than the price at which goods of the same kind and in the same condition could be sold by the purchaser in the wholesale market, the difference representing the profit which the buyer at an auction expects to make and/or the margin to cover him against the risk of possible loss.

Whereas, Reserve price is the absolute minimum price below which for legal or other reasons, a consignment cannot be sold.

BMCL have over the years gained considerable experience and expertise to value such imported goods, lying with custodians spread across India. Our experience and Valuation reports are backed by actual Auction Data which serves as a reliable benchmark for setting the upset price and assist in disposing long standing Cargo.