Tea Board yet to put in place the settlement process for e-auction of tea

Tea Board is yet to put in place the settlement process for pan India e-auction of tea that took place for the first time on June 23. This means that the banks - IndusInd and State Bank of India - that have been handling settlement in the old e-auction process will continue to handle the payment settlement.

Tea Board had replaced IndusInd and State Bank of India and brought in Bank of India to handle the payment settlement in the new pan India e-auction system.

In a letter to the auction committees, Tea Board has said "The post settlement process will continue to happen as per the existing process. The implementation date of post settlement module in pan India auction platform will be rolled out by Tea Board and will be duly intimated to all concerned."

Tea Board has said that 58.71 per cent of the teas offered through the first pan-India e-auction in different auction centres on Thursday were sold out.

“Both corporate and small buyers participated in the auction. For the first time, Darjeeling tea was sold through e-auction fetching an average price of ?404. 33 a kg,” the Board said.

An analysis of the data available with the Tea Board shows that Coonoor topped with 92.46 per cent sale followed by the first portion of Kolkata 73.15 per cent, Guwahati 63.07 per cent, second portion of Kolkata 49.70 per cent, Kochi 42.85 per cent and Siliguri 8.24 per cent.