Section 19 in The Smugglers And Foreign Exchange Manipulators (Receipt, Management And Disposal Of Forfeited Property) Rules, 2006
19. Disposal of land or building
.Subject to the relevant provisions of any law relating to the acquisition or disposal of immovable property and also subject to the sale proceeds being credited into the account of the Central Government, land or building shall be disposed of in the following manner, namely:-(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.(2)In case the property is not disposed of in the manner prescribed under sub-rule (1) of rule 19 in two attempts, the same shall be disposed of by inviting sealed tenders:(a)the property shall be advertised in the local newspapers indicating the reserve price and inviting tenders. The highest bidder (subject to the reserve price) shall be entitled to buy the property.(b)if the property cannot be sold in the first attempt as provided in clause (a), the sale of the property through sealed tender shall be advertised again with a proviso that the competent authority reserves the right to sell the property to the highest bidder who offers to buy the property for a price which is up to fifteen per cent. less than the reserve price.(c)if the property remains unsold even after the attempts as provided in clause (a) and clause (b), the sale of the property shall be advertised again with a proviso that the competent authority reserves the right to sell the property to the highest bidder who offers to buy the property for a price which is up to thirty per cent. less than the reserve price.(3)If the property remains unsold even after attempts as provided in sub--rule (1) and sub-rule (2), it shall be disposed of through a negotiated sale upto fifty per cent. below the reserve price to any of the following entities, namely:-(a)Central and State Government.(b)Public Sector Undertakings.(c)Local bodies.(4)If the property is not sold by any of the above methods, it may be disposed of by the Central Government in the manner as deemed fit.
