Online settlement of cardamom e-auction proposed

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In a bid to further streamline e-auction of cardamom, the Spices Board has proposed to introduce an online settlement mechanism to help all stakeholders by ensuring timely payment to cardamom growers.

KOCHI: In a bid to further streamline e-auction of cardamom, the Spices Board has proposed to introduce an online settlement mechanism to help all stakeholders by ensuring timely payment to cardamom growers and providing all information about transactions online or through a mobile app. The proposed model, built in line with the existing auction system with minimal changes to funding flow procedures, will be operated via Spices Board settlement account through the identified bank, instead of the present settlement by individual auctioneer’s account.

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