Indian Railways to sell scrap by e auction
It is reported that union railway ministry is mulling over a move to switch over to online to conduct the scrap selling business to bring transparency in the lucrative scrap trade.
A senior railway ministry official said that "Currently, scrap is sold in open auction in the presence of concerned officials but the role of the mafia cannot be ruled out. Once it is online, then not only mafia role will be eliminated but there will also be complete transparency in the entire scrap trade."
He added that "A pilot project is being commissioned by the Southern Railway to sell scrap through e auction. This has been done on an experimental basis. There are some lacunae which need to be addressed before opting for full fledged e auction."
Indian Railways aim to earn about INR 2,000 crore from scrap sale in the current fiscal while it has already earned INR 538 crore in the first quarter of this year. It sells large quantities of scrap including about 15,000 wagons, 1,200 coaches, 80 to 100 locomotives every year through public auction. Indian Railways had earned INR 1,834 crore in 2006-07 while in 2005-06 the earning was INR 1,365 crore and INR 1,032 crore in 2004-05.
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