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Tea auctioning to go online from November

Tea auctioning to go online from November
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First Published: Sun, Aug 31 2008. 10 49 AM IST
Updated: Sun, Aug 31 2008. 10 49 AM IST
By PTI
Mumbai: Auctioning of tea in the country would go online by November this year and the software and system testing for the project would be carried out next month, a senior Tea Board official said.
“Things are going on well. We will be carrying out software and system testing by September. And the e-auctioning of tea will commence from November,” Tea Board deputy chairperson Roshni Sen told PTI from Kolkata.
“We could have implemented the e-auctioning solution much earlier but for Durga Puja festivities in West Bengal,” Sen said.
The Information Technology arm of the National Stock Exchange (NSE) has developed the customized software application for the e-auction of tea.
The Board expects that the IT solution for auctioning of tea in the country would expedite the process of futures trading in tea the country.
It would not only provide a better price discovery, but also make the whole auctioning system smooth and transparent, she said. Auctioning centres are presently located at Guwahati, Kochi, Siliguri and Jalpaiguri.
India is the leading producer of tea. Assam and West Bengal are two leading states from the east while Tamil Nadu, Kerala and Karnataka are the leading tea-producing states from south India.
All-India tea production is expected at 962 million kgs of tea in the year 2008.
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First Published: Sun, Aug 31 2008. 10 49 AM IST
More Topics: Tea | e auction | NSE | Tea Board | Assam |