(1) In cases where it appears that the product or property withheld pursuant to Section 17 of the Act can be perished, decayed or destroyed or its value can be diminished immediately, and the Excise Duty Officer has to immediately auction such product or property, he has to auction such product or property by affixing the auction notice to the notice board of the Office, and giving a time-limit of Seven days in maximum taking into account of the situation and nature of such product or property.
(2) In making auction sale pursuant to Sub-rule (1), it shall be made in presence of one representative of the local authority in the place where the product subject to auction sale is situated, or one employee of nearby governmental office and the concerned person or his representative, as well, as far as possible.
(3) In making auction sale of the product or property to be sold by auction pursuant to Sub-rule (1), it shall be auctioned through bidding, by fixing the minimum value of the product or property on the  basis of the prevailing market value of such product or property.