Manner of deposit of the proceeds of auction sale in the Reserve Bank of India or the Government Treasury.

131. (1) The proceeds of sales of the seized goods referred to in clause (c) of sub-section (7) of section 77 shall, within seven days from the date of sale in auction be deposited into the appropriate Government Treasury situated within the jurisdiction of the Deputy Commissioner, Assistant Commissioner or Sales Tax Officer, as the case may be, who sold such goods in open auction under sub-rule (4) of rule 129 or rule 130

(2) If there remains any balance of the proceeds calculated in the manner referred to in sub-section (7) of section 77 for payment to the owner of the goods sold, or in case the owner of such goods is not known, to the person, who subsequently claims the ownership of such goods or to the dealer, casual dealer or person from whom such goods have been seized, the Deputy Commissioner, Assistant Commissioner or Sales Tax Officer, as the case may be, shall, in order of the following priority, send intimation in respect of such balance of the proceeds to-