After deliberating on the issue of introduction of electronic trade in tea auction since last year, the tea industry has finally decided to go digital. The new auction system will be launched from November 1, 2002, and will function side by side with the existing one.
The new auction system will be console-based, which will display the tea prices on a screen for about 10 minutes. It will also enable entire lots of the commodity to be sold off at a go, making the system speedier.
A special committee has been set up under the aegis of the Indian Tea Association (ITA) to formulate the necessary rules and regulations. The committee comprises members from both the tea producers as well as tea brokers.
Speaking to Business Standard, Bharat Bajoria, chairman of ITA, said,