India to launch E-auction

In a new initiative to ensure transparency in commodity trading, Spices Board will launch electronic auction (e-auction) in cardamom trading for the benefit of small growers. The e-auction will be inaugurated by Union Minister of State for Commerce Jairam Ramesh at Bodinayakanur in Tamil Nadu on Thursday, according to an official release here. The new system, developed with the support of Tata Consultancy Sevices (TCS), would provide proper and error-free documentation facilitating speedy billing and invoicing to eliminate the chances of hidden costs. As the identity of the bidder is not revealed, speculation is also discouraged and the moisture and bulk of the commodity are displayed to help the bidders to assess the quality of cardamom. The Board will introduce e-auctions in four other auction centres in Vandanmedu, Kumli, Thekkady and Pulianmala in Idukki district, the release added. Source: newKerala.com

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