LAHORE: The Federal Bureau of Revenue (FBR) has launched a new e-portal for the auction of assets and goods confiscated by the customs department.
The new system will enable potential buyers to purchase goods without being physically present in auctions that are held inside customs warehouses.
The new e-auction system will enable the customs department to hold auctions online. It will be carried out by registering the assets to be sold with the new system and then launching a notification for an e-auction.
The potential buyers will be required to register online through their CNIC and mobile number after paying a registration fee.
When the bidding concludes, the winner of the auction will then be required to visit the customs warehouses and take possession of the assets.
Prior to the development, the assets confiscated by the customs department were presented to sale in a physical auction.
It was a tiring process as an individual first needs to register for the auction and afterwards, must be physically present at the location to bid.
This, however, has one loophole as well. As it will restrict the access to the inspection of assets that bidders always carry out before bidding on the asset.
Though, it will increase the total number of bidders as anyone would be able to bid goods sitting at home.
The auction will be started online by the Assistant or deputy collector or by any other officer authorized by the Collector. In addition to that, FBR has also issued an updated set of rules for an e-auction.