Online settlement soon for cardamom e-auction

The Spices Board plans to introduce online settlement mechanism for cardamom e-auction that will facilitate timely payment to growers and provide all information on transactions online or through a mobile application.

A press release from the Spices Board said here on Monday that the Board had enlisted the services of a bank for the development of such a facility.

A team from the bank visited the e-auction centre at Spices Park, Puttady, for formulation of the mechanism. The bank has presented an escrow settlement model to the Board.

The proposed model, which has been built in line with the existing auction system with minimal changes to fund flow procedures, will be operated via Spices Board settlement account through the identified bank instead of the present settlement by individual auctioneers’ account. It would enable the Board to monitor the flow of transactions/payments, said the press release.

All the stakeholders – buyers, sellers and auctioneers – will be required to do one-time registration in the online system for generating unique stakeholder ID and password.

The Board will assist small and marginal growers with the one-time registration.