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The Tea Board has decided to keep on hold the implementation of pan-India post-auction module for a period four weeks with effect from October 18.
The post-auction settlement process for sales happening on or from October 18 will be carried out as followed till September 12. However, the payments and settlements for auctions completed from September 14 to October 14 will have to be routed through settlement bank under Pan India e-auction module.
The directive comes in the wake of the meeting called by the Tea Board Chairman in Kolkata with various stakeholders in the sector to discuss the issues being faced by the trade after the implementation of pan-India auctions.
The issues connected with pan-India sales rules had also led to the postponement of Kochi auctions last week.
A stakeholder, who participated in the Kolkata meeting, told BusinessLine that Kochi has been given separate hearing and the Chairman had assured that senior officials from the Board would visit Kochi auction centre within two weeks to address the grievances of the trade.
According to Jinesh Dagali, President, Tea Buyers Association, majority of the buyers have raised their concern over the “post-sale” operations as they are not getting delivery orders for the payment being made at the auctions or refund for an unsuccessful transaction.
The delivery orders are not generated after payments are made. There have been instances where this has been delayed for almost 10 days, he said. Since majority of the buyers are from the small and medium category, he said they have limited access to financial resources. Hence there has to be a system to return the funds to buyers on the same day. The pan-India Auction rule stipulates that all refunds should be made within 48 hours, he added.
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