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Auctoin Cell earns Rs49.825m revenue through auction

Auctoin Cell earns Rs49.825m revenue through auction

ISLAMABAD: The Customs Auction Cell of Model Customs Collectorate earned Rs49.825 million through public auction of impounded vehicles and seized smuggled goods on Saturday (17th June). It was the fourth public auction offered within a month.

Assistant Collector Majid Hussain Gadd told Customs Today that it was a successful auction as it added a handsome amount in the revenue and helped the department to achieve its assigned target for FY2016-17.

Sources said that people from Rawalpindi, Islamabad and Peshawar participated in the said auction. The Auction was organized by Alvi Auctioners along with Customs staff of MCC Islamabad under supervision of Assistant Collector Majid Hussain Gadd.

Majid Hussain said that the standard procedures were followed in the auction process and the auctioneers deposited 25% on the spot out of total worth of the lots they purchased through auction. The auction cell collected a total amount of Rs 49.825 million through selling of confiscated goods.

The auction cell earned Rs 21.215 million through auction of impounded vehicles and Rs 24.296 million by selling of miscellaneous goods. Majid Hussain added that the auction cell collected Rs 4.525 million in account of 10% duty taxes applied on goods and vehicle sold in auction.