You are here
Home > Business > FBR Introduces Online Bidding Procedure via E-Auction System

FBR Introduces Online Bidding Procedure via E-Auction System

The Federal Board of Revenue (FBR) has introduced an online bidding procedure for purchasing goods digitally from the Customs Department through the system of electronic auction (E-auction).

The new online procedure will operate through the authority’s electronic auction (E-auction) system of overstayed or confiscated/seized goods. The regulatory body on Thursday issued a notification to issue amendments in the Customer Rules 2001, depending on which the FBR will develop an e-auction portal for the bidders.

According to the new online procedure, the bidders of the overstayed goods would have to register themselves through e-registration. Any individual carrying a valid CNIC or NICOP can get himself registered as a bidder for the auction. They can register themselves by submitting the online form available at e-auction portal against prescribed fee for registration processing.

According to the FBR, the online system will display the highest bid each time on receipt of higher bid, and after the completion of biding time, which is 72 hours, the highest bid will be processed for approval or rejection by the concerned assistant or deputy collector (auction) or the additional collector (auction) or the additional collector (auction) according to the set criteria by the authority.

In case a successful bidder fails to deposit the payable amount within 72 hours, the system will then select the second highest bid and will forward to the assistant or deputy collector (auction) or the additional collector for a decision within the given time.

Furthermore, in case on non-payments by a successful bidder, the system will disable his user-ID and CNIC for a period of two years.

Leave a Reply

Top