ISLAMABAD: The Federal Board of Revenue (FBR) has decided to sell seized/confiscated sugar to the Utility Stores Corporation (USC) at 50 percent of the minimum price. If the USC is not interested in purchasing the confiscated sugar, the commodity would be auctioned through customs department, the FBR added.

In this regard, the FBR has issued a Customs General Order (CGO) 3 of 2023 on Monday to amend the Customs General Order No. 12 of 2002.

For the sale/disposal of the seized/confiscated essential commodities, notified vide SRO 495(1)/2023 dated 14.04.2023, the Collector/Director having jurisdiction may dispose of the seized/confiscated essential commodities, in the first instance to Utility Stores Corporation (USC) at 50% of the minimum price(s) as notified by the provincial governments.

In case the aforesaid organization is not found interested, the seized/confiscated essential commodities shall be auctioned in accordance with the Customs Auction Rules, 2001 notified vide SRO 450(1)/2001, the FBR added.

Copyright Business Recorder, 2023