Auction for disposal of 318 metric tonnes of red sanders logs to begin next month

VIJAYAWADA: Auction for the disposal of 318.447 metric tonnes of red sanders in log form will begin April 9.According to an order issued by the government on Wednesday, vice-chairman and managing director of AP Forest Development Corporation Ltd (APFDCL) will issue tender notifications in reputed international and national publications and specialised journals targeting potential buyers across the world, especially in China. 

The APFDCL is authorised to engage the services of MSTC Ltd. for conducting the sale of red sanders wood through global e-tender-cum-e-auction. It is permitted to make payment of TDS @1 per cent to the e-commerce operator i.e., MSTC as per the Income Tax (Amendment) Act, 2020. The initial auction for 23 lots of A grade logs will be on April 9 in the first cycle.The lots which remain unsold will be go on sale on April 16 in the second cycle, and April 23 in the third.The government also issued another order constituting a team to coordinate in the auction process, and take steps to notify the lots that can fetch more revenue.