The auction of cattle fairs organised in the state will be conducted at state level and for ensuring transparency, the whole process will be video-graphed, a state minister has said.
In order to promote auxiliary professions related to the agriculture, the Punjab government organises 19 cattle fairs across the state, an official release quoting state Rural Development and Panchayats Minister Surjit Singh Rakha said.
The auction is scheduled for March 22 at Mohali.
The minister said the department has fixed a reserve price of Rs 32 crore for the auction in the financial year 2013-14.
"The department has earned a revenue of Rs 31.8 crore from the auction in the current financial year 2012-13, and it is now striving to increase the revenue form the auction, which would be executed in transparent manner," the Minister added.
The minister said that the 25 per cent of the accumulated earnest money, which will be to the tune of Rs 8 crore, has been reserved as security.
The successful bidders would have to deposit 25 per cent of the bid price that is Rs 8 crore after the completion of the auction.
"The contract for the auction will be between bidder and director Rural Development and Panchayats," the minister added.
Rakhra said that the whole auction process would be videographed there will be foolproof security at the auction site.
