(1) The proceeds of sales of the seized goods referred to in sub-section (7) of section 71 or sub-section (13) of section 72 shall, within seven days from the date of sale in auction be deposited into the Reserve Bank of India or a Government Treasury situated within the jurisdiction of the Senior Joint Commissioner, Joint Commissioner, Deputy Commissioner or Commercial Tax Officer, as the case may be, who sold such goods in open auction under sub-rule (4) of rule 229 or rule 230.

(2) If there remains any balance of the proceeds calculated in the manner referred to in sub-section (7) of section 71 or sub-section (13) of section 72 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 or person from whom such goods have been seized, the Senior Joint Commissioner, Joint Commissioner, Deputy Commissioner or Commercial 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 -

[a] the owner of the goods where his address is available on records of seizure of goods, or

[b] the dealer or person, as the case may be, from whom the goods so sold in open auction have been seized.