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delay. They are insisted upon to pay well in advance before the last date of expiry of free time allowed to facilitate realisation before last due date. Sl.No Sale value of Lots Free time allowed for Payment of Balance Sale Value reckoned from the date of auction / number of installment permissible for payment i Upto and including `. 1 lakh ii Exceeding `. 1 lakh and upto `. 3 lakhs iii Exceeding `. 3 lakhs and upto `. 10 lakhs iv Exceeding `. 10 lakhs 10 days with one installment 20 days with one installment 20 days with two installments 20 days with three installment 10. FREE DELIVERY PERIOD .No i SALE VALUE OF LOTS (a) Condemned Ferrous, Non-Ferrous & Misc. scrap (b) Condemned Rails & other P. Way scrap Upto `. 1 lakh More than `. 1 lakh and upto `. 20 lakhs FREEE DELIVER Y PERIOD (FDP) 25 days 50 days FINAL DATE FOR REMOVAL OF SOLD LOT 90 days from the date of auction with Ground Rent caluclated for days after FDP More than `. 20 lakhs ii Condemned Rolling Stock and Released Bridge Girders Upto `. 1 lakh 65 days 25 days 105 days from the date of auction with ground rent calculated after for days after FDP More than `. 1 lakh and upto `. 20 lakhs 50 days More than `. 20 lakhs iii Bridge Girders on bridge (Unreleased) Upto `. 20 lakhs More than `. 20 lakhs 65 days Will be announced at the time of auction for individual catalogue. (iv) FDP ( Free Delivery Period) will be reckoned from the date of auction including free time for payment of balance sale value. (v) Any request for extension beyond free delivery period should be considered only with applicable Ground Rent of 0.5% of sale value of undelivered scrap per day with the approval of Competent Authority. (11) INTEREST RATE The Rate of interest for delayed payment would be 7% higher than the Base rate of State Bank of India. The current SBI Base rate is 8% and hence the applicable rate will be 15% (per annum) with effect from 22.02.2011. (12) EXTENSION OF TIME FOR BALANCE SALE VALUE PAYMENT (13) MAXIMUM PERIOD OF DELIVERY. (14) SALES TAX & DUTIES Extension of time for payment of BSV with interest may be granted by Railways within the permissible period of 30 days in exceptional circumstances on written request of the purchaser. Failing which EMD amount will be forfeited. From the Date of Auction full delivery has to be completed before 90 days for other than Rolling Stock / Girders and 105 days for Rolling Stock / Girders failling which EMD, BSV amount etc will be forfeited. As per TNGST / KGST and other applicable rules, purchaser wishing to purchase lots have to furnish sales tax registeration at the time of participation in the auction sale.
(15) VALUE OF POWER OF ATTORNEY & IDMENITY BOND Purchasers has to execute Power of Attorney on Non-Judicial Stamp paper as per the table listed below and Indemnity Bond to the value of `. 80/= No. of persons Tamil Nadu Kerala Andra Pradesh Power of Attorney upto 5 persons `. 100 `. 150 `. 50 More than 5 persons `. 175 `. 500 `. 75 + `. 25 per person (16) SALE OF RAILS MEASURING MORE THAN ONE METRE LENGTH. (17) DELIVERY OF CAST IORN SLEEPER / POTS. (18) DELIVERY OF CST 9 LINKED / C.I.POT LINKED. ALL RAILS MEASURING MORE THAN ONE METRE WILL BE DELIVERED ON LINEAR MEASUREMENT BASIS. THE LOT WEIGHT WILL BE ARRIVED AT BASED ON STANDARD WEIGHT OF EACH RAILS WITHOUT WEAR AND TEAR ALLOWANCE. RAILS MEASURING LESS THAN ONE METRE WILL BE DELIVERED ON ACTUAL WEIGHMENT BASIS. Unbroken Cast Iron CST – 9 sleepers & Steel sleepers (Track) will be delivered on Number basis and not on weighment basis with effect from 01/04/2003. CST 9 linked sets / C.I. linked pots will be sold on weighment basis. loadable size is permitted. Cutting to (19) INCOME TAX (TDS) 1% I.T. (INCOME TAX) to be computed on the gross proceeds of sale value and the surcharge at the rate of 2.5% on it also to be paid at the time of remittance of BSV (balance sale value). Cess on its 3% (inclusive of surcharge on it). No tax is collected for the scrap used as input for manufacturing process provided that the certificate in form “27C” obtained by the purchaser from the income tax department and the same has to be submitted to the auction conduction authorities. (20) VAT As per latest revision of Sales Tax rates by the Govt. of Tamil Nadu, VAT on the commodities charges at 4% has been increased to 5% and similarly for commodities charged at 12.5% is increased to 14.5% with effect from 12/07/2011. (21) Minimum Bid Minimum bid should be `. 1/= for CST 9 Sleeper / C.I. Pots and ST Sleepers offered on Number basis, `. 10 /= for Ferrous items sold on weight basis and `. 500/= for LOT BASIS materials ( Redundant Lines, Girders, Turn Tables & Tanks) . ( 22) Breaking Permission For CST 9 / C.I. Linked Pot, breaking permitted to Loadable size only. (23) REJECTED LOTS All rejected / unsold lots will be tried in subsequent auctions in all places. (24)AUCTION PROGRAMME In case auction could not be completed on the scheduled date, it will be continued next day. (25) The Railway Administration shall have the right to cancel the sale at any stage or withhold delivery of the materials either in part or full if required by the Railway Administration without any comments on either side. NOTE: All the sale is governed by General Condition of auction sale as per Para 2414S and auction sale of scrap material Revised General Conditions OR Latest issued by Controller of Stores, Southern Railway, Ayyanavaram, Chennai – 600 023.
Page 1: TERMS & CONDITIONS FOR P.WAY SCRAP

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