(Video) Rajya Sabha TV (RSTV) In Depth: e-Auction

Topic: e-Auction

Topic Description:

The Enforcement Directorate earned as much as 2.04 crore rupees after auctioning of prized assets of fugitive diamantaire Nirav Modi and his wife Ami.

Considering that the ED had just expected to realise just 50 lakh rupees the auction proved hugely successful.

The ED had appointed auction house Saffronart for the sale.

More importantly, by going for an e-auction it managed to earn maximum revenue from the sale. Thereby demonstrating the efficacy of the e-auction route once again.

Almost all items that were up for auction surpassed estimates.

These auctions come a year after Saffronart auctioned 68 seized artworks belonging to Nirav Modi, on behalf of the Income Tax Department in March last year, raising Rs 54.84 crore from 55 lots.

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Courtesy: RSTV