{
  "id": 16148643,
  "title": "Seized goods auction goes digital",
  "url": "https://urgent.news/2026/10/23/seized-goods-auction-goes-digital",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-23T02:05:57.000Z",
  "source": {
    "name": "Dawn Business",
    "slug": "dawn-business",
    "url": "https://www.dawn.com/news/2039181/seized-goods-auction-goes-digital"
  },
  "original_language": "en",
  "account": "Islamabad has seen the Federal Board of Revenue (FBR) launch an electronic auction system for seized and confiscated goods, enabling online participation from registered bidders at a minimum fee of Rs25,000. This new system allows for a 72-hour online bidding window, electronic payment handling, and digital goods transfer to successful bidders. The rules, notified through SRO 1889 of 2026, permit any CNIC or NICOP holder to register as a bidder electronically by paying a registration fee of at least Rs25,000. Successful bidders receive a unique identification number. The electronic platform manages all aspects, from registration and listing to bidding, approvals, payments, deliveries, and auction record-keeping. Any custodian must upload an inventory, photographs, and documents to the platform and conduct physical inspections before an auction. Before auction, the authorized officer must verify the legal status of goods, such as judicial stay orders, available release options, and disposal restrictions. If goods remain unsold in three consecutive auctions, the reserve price can be reduced by up to 10% of the reference reserve price. The bidding process involves a 72-hour online period after the first bid, with the highest valid bid automatically displayed and recorded. Bids below the reserve price are generally rejected unless approved by the Commissioner or Chief Commissioner Inland Revenue, provided the bid is not less than 80% of the reserve price. Successful bidders must pay the entire bid amount, including taxes, duties, and charges, within seven days, using designated electronic payment methods. Goods are released only after full payment verification.",
  "summary": "ISLAMABAD: The Federal Board of Revenue (FBR) has introduced an electronic auction system to dispose of seized and confiscated goods, allowing registered bidders to participate online for a minimum registration fee of Rs25,000. The new mechanism allows a 72-hour online bidding period, electronic payment of auction proceeds and digital release of goods to successful bidders. The rules were…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}