(1) While evaluating the assets or instruments to be auctioned, it should be done on the following basis respectively:-
(a) If the price is fixed or determined according to the prevailing law, on the basis of such price,
(b) On the basis of the value of the property or instrument, if the value thereof is mentioned,
(c) On the basis of the same bill of lading, if a bill of lading of property or instrument is found,
(d) In the case of imported property or equipment, on the basis of the value mentioned in the declaration submitted to the customs office,
(e) If the property or instrument is bought and sold in the market, on the basis of the local market value,
(f) on other appropriate grounds.
(2) Notwithstanding anything written in sub-section (1), valuation of precious metals such as gold, silver and shares to be auctioned shall be done on the basis of the previous day's market price.
(3) When valuing assets or instruments in accordance with this section, if there are assets or instruments of a nature that should be depreciated according to the prevailing law, the same shall also be depreciated.