Section 19(1) in The Smugglers And Foreign Exchange Manipulators (Receipt, Management And Disposal Of Forfeited Property) Rules, 2006
(1)The disposal of land or building shall be done simultaneously through open tender, public auction and e-auction*. Bids shall be invited through advertisements in local newspapers and through the website of the department. After the sealed tenders are received, the property shall be put to public auction. Simultaneously, the department shall advertise through internet inviting bids through e-auction*. The property shall be sold to the highest bidder in all the three methods, namely, sealed tender, public auction and e-auction*, provided the price obtained is not less than the reserve price fixed at by the department.
