Amendment status not verified — confirm the current text below against the official source.
(1) The proceeds of every sale under section 50 or Section 51 shall be applied in the following order, namely:— 45 (i) for payment of the expenses of the sale; (ii) for payment, according to their respective priorities, of the liens and claims excepted in sub-section (2) of section 48 from the priority of the lien of the Board; (iii) for payment of the rates and expenses of landing, removing, storing or warehousing the same and all other charges due to the Board in respect thereof including demurrage payable in respect of such goods for a period of four months from the date of landing; (iv) for payment towardsany penalty or fine due to the Central Government under any law for the time being in force relating to customs; or (v) for payment of any other sum due to the Board. (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 sale of the goods. (3) Where no application has been made under sub- section (2), the surplus shall be applied by the Board for the purposes of this Act: Provided that, in custom area, the proceeds of every sale under sections 50 and 51 shall be applied subject to the order specified in section 150 of the Customs Act, 1962. 52 of 1962. Recovery of rates and charges by detainment of vessel.