Commodity Online
KOLKATA: Union minister of State for Commerce & Power Jairam Ramesh on Wednesday launched the world’s first electronic auction of tea here.

The e-auction organized by the Calcutta Tea Traders Association in partnership with Tea Board witnessed trading of a total 710 kg of tea attracting prices ranging from a low of Rs 142 to a maximum of Rs 210 a kg in five lots in the first day.

Inaugurating the auction the minister said by January 27, 2009, the e-auction system, estimated to cost Rs 18 crore, would be in place in country’s all six tea auction centres and by September 2009, there would be a national platform for buying and selling tea.

He hoped that henceforth more tea would be offered in auction now that the electronic system was in place. Till now, an estimated 500 million kg, representing 52 per cent of the total sale was offered in auctions.

The e-auction systems, already launched for cardamom and tobacco, have proved to be a success, he added.

The Minister indicated that payment and settlement through the electronic mode, so critical for the success of the e-auction system, too, would be introduced as soon as all the tea auction centres were brought under the electronic system.