Application of sale proceeds

Application of sale proceeds.—(1) Subject to the provisions of the Customs Act, 1962 and the rules and regulations made thereunder, the proceeds of every sale under section 48 or section 49 shall be applied in the following order:—

1. (a) in payment of the expenses of the sale;
2. (b) in payment, according to their respective priorities, of the liens and claims exempted in sub-section (2) of section 46 from the priority of the lien of the Board;
3. (c) in payment of the rates and expenses of landing, removing, storing or warehousing the same and of all other charges due to the Board in respect thereof including demurrage other than the penal demurrage payable in respect of such goods for a period of four months from the date of landing;
4. (d) in payment of any other sum due to the Board.

1. (2) The surplus, if any, shall be paid to the importer, owner or consignee of the goods or to his agent, on an application made by him in this behalf within six months from the date of the sale of the goods.
2. (3) Where no application has been made under sub-section (2), the surplus shall be applied by the Board for the purpose of this Act.