Move to set up single tea e-trading platform

Move to set up single tea e-trading platform

Kolkata: The commerce ministry is contemplating to set up a single, web-based electronic trading platform for tea from September 2009, Minister of state for Commerce Jairam Ramesh said Wednesday.

Launching an electronic auction, Ramesh said the Tea Board was moving towards a system for setting up a single electronic trading platform in the country.

He said all the existing auction centres would be converted into distribution and warehousing centres. India has six auction centres at present at Kolkata, Siliguri, Guwahati, Coonor, Coimbatore and Kochi.

The minister said the new software, developed by NSE.IT, had plugged all the loopholes which existed in the previous one introduced almost six years ago.

Ramesh said price discovery through e-auction would be more fair and the process more transparent.

By 27 January next year, all the other five tea auction centres would move to electronic mode, for which NSE.IT would also develop software for payments and settlement system.

Ramesh said it was expected that more tea would be routed through the e-auction route when the system was fully implemented.