Page 160 - Pundole's Auction M0015

Buyer’s Premium and Government Taxes and internationally at the buyer’s expense. All quotes will be on a Cost
The final price payable for every lot will be the Hammer Price (the price at
which the auctioneer’s hammer falls) plus a Buyer’s Premium of 15%, plus
applicable taxes and import duties, as described below.
All works are subject to a 15% Buyer’s Premium which will be added to the
Hammer Price of each sold lot. This 15% Buyer’s Premium will be subject to
applicable Service Tax and other taxes. (Taxes are subject to changes and
revisions.)
All works will be charged a Value Added Tax on the Hammer Price of each
work (excluding the Buyer’s Premium). VAT will be charged at the rate
applicable on each object at the time of the auction.
For works that have been imported into India (marked with a # in the
catalogue), an import duty of 10.3% (or as applicable at the time of payment)
on the hammer price will be applicable. VAT for these particular lots will be
charged on the total amount of the hammer price plus the import duty.
Companies and other parties who are registered dealers outside of the state
of Maharashtra and eligible for 2% CST (instead of VAT) must provide
Pundole’s with the required documentation and relevant forms.
POST SALE
Payment
All successful bidders will need to put down a deposit of ten percent of the
hammer price, either in cash or cheque or by bank transfer to guarantee their
purchase. Non-payment of all balance payments within fourteen days post
the sale may lead to forfeiture of the deposit.
All buyers will be responsible for all duties, taxes including VAT, CST, service artwork purchased. Once the buyer’s shipper provides Pundole’s with the
tax, and customs duties payable as a result of the sale of the lot.
Two separate Proforma Invoices will be sent by email to the address
indicated on the registration form and on the email address provided. One
proforma invoice for the hammer price plus the VAT and the second for the
buyer’s premium plus the service tax. Any change to the invoicing name or
address as given on the registration form should be communicated to
accounts@pundoles.com within 48 hours of the auction. Two separate final
invoices will be raised for all purchases as stated here.
Payment should be made to Pundole’s within 14 days of the receipt of the
proforma invoice. Payment will only be accepted from the same party as
indicated on the invoice.
Payment will be accepted through cheques, wire transfers and demand drafts.
International buyers can pay through wire transfers. Invoices will be raised in
Indian Rupees. International buyers who have wire transferred money from
an overseas bank account can be exempt from paying VAT and import duty
(only for applicable lots) on the hammer price if the work is directly exported
by Pundole’s through a licensed shipper, with the appropriate and required
documentation. Service tax will still be applicable on the buyer’s premium,
even if the lot is exported out of the country.
Cheques and demand drafts to be made out to Pundole’s. Cheques should
be drawn on a local Mumbai bank account only. For outstation payments,
only demand drafts shall be accepted, payable in Mumbai.
All payments can be sent to:
Pundole’s
Hamilton House
Ground Floor
8 J.N. Heredia Marg
Ballard Estate
Mumbai 400 038
Collection and Shipping
Pundole’s can arrange for local delivery in Mumbai and shipping within India
154
Insurance Freight (CIF) basis unless instructed otherwise. If Pundole’s
organises delivery even within Mumbai, transit insurance will be mandatory.
Shipping instructions should be clearly completed on the form provided with
the invoice, and should be sent back at the earliest. Shipping estimates are
available on request. Please contact shipping@pundoles.com for more
information. Any purchased lots not collected or shipped within 14 days of
the auction will be moved to professional storage, at the buyer’s expense.
Local buyers who have purchased lots imported into India will be obliged to
settle all invoices, including import duty, VAT, service tax etc. before such lots
can be released from a Free Trade Warehousing Zone for free circulation
within India.
All lots that have been imported into India (marked with a #) have been stored
in a Free Trade Warehousing Zone. These lots will be cleared and released for
free circulation within India from the FTWZ upon payment of customs duty
@ 10.3% (or as applicable at time of payment) to Pundole’s.
Shipping for all lots imported into India or purchased under ‘C’ form
exemptions will only be arranged by Pundole’s on behalf of the buyer. All
packing, shipping, insurance and related expenses will be borne by the buyer.
International buyers who have wire transferred money from an overseas
bank account can be exempt from paying VAT and import duty on the
hammer price if the work is directly exported by Pundole’s through a licensed
shipper, with the appropriate and required documentation. Service tax will
still be applicable on the buyer’s premium, even if the lot is exported out of the
country.
In case of shipping within India, in the event the buyer desires to use his own
shipper/transporter and not the shipper appointed by Pundole’s, the buyer
will be required to deposit with Pundole’s the amount of VAT payable on the
necessary documentation showing exemption of payment of VAT, Pundole’s
will refund the deposit to the buyer within 7 days.
All items that are either Registered with the Archaeological Survey of India,
or, are over one hundred years old, or, are National Treasures whether
specifically indicated in the catalogue or otherwise cannot be exported out
of India. Pundole’s have taken all efforts to determine such lots but do not
take responsibility for any lack of information or oversight.
Any works exported from India will be done in compliance with the export
and foreign exchange laws of the country. Similarly, when importing works
into a country, buyers should check on any import restrictions or applicable
duties before confirming a shipping location. While Pundole’s will assist with
both shipping and export, it is the buyer’s responsibility to be aware of all
import and export regulations and obtain any necessary licenses or
permissions.
All purchases must be collected or shipped within 28 days of the auction,
subject to the registration process. No works will be delivered or shipped
before all payments for purchases, shipping and insurance have been
completed. Pundole’s reserves the right to cancel a sale if payment is not
received within 45 days of the auction.
For any inquiries, please contact Khorshed Pundole at
khorshed@pundoles.com
Registering Antiquities
For all works in the auction that are registered with the Archaeological
Survey of India, the buyer will be required to follow the process of transferring
ownership from the seller to their name.
Please note that the name on the invoice and the name on the registration
certificate will need to be one and the same.
Once payment has been received in full by Pundole’s, the transfer process
can begin. The property will remain with Pundole’s for the duration of the
transfer process, and will be handed over to the buyer upon completion.