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    The Procedure Observed For E Auction

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    Kishor K
    The e-auction procedure for iron ore involves the following steps: 1) Material ready for auction is identified by Deputy Directors of Mines & Geology, samples are tested, and lots of 4000 MT are created with identification numbers. 2) Details of auction lots are provided to MSTC a week before auction so buyers can inspect mines. The day before, MSTC is given the iron content, base price, and auction is uploaded. 3) Buyers must register with MSTC and submit a signed bid document with EMD before participating. Approved bids are allowed to participate in the e-auction.

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    The Procedure Observed For E Auction

    Uploaded by

    Kishor K
    18 views1 page
    The e-auction procedure for iron ore involves the following steps: 1) Material ready for auction is identified by Deputy Directors of Mines & Geology, samples are tested, and lots of 4000 MT are created with identification numbers. 2) Details of auction lots are provided to MSTC a week before auction so buyers can inspect mines. The day before, MSTC is given the iron content, base price, and auction is uploaded. 3) Buyers must register with MSTC and submit a signed bid document with EMD before participating. Approved bids are allowed to participate in the e-auction.

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    E Auction

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    The procedure observed for E Auction

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    The e-auction procedure for iron ore involves the following steps: 1) Material ready for auction is identified by Deputy Directors of Mines & Geology, samples are tested, and lots of 4000 MT are created with identification numbers. 2) Details of auction lots are provided to MSTC a week before auction so buyers can inspect mines. The day before, MSTC is given the iron content, base price, and auction is uploaded. 3) Buyers must register with MSTC and submit a signed bid document with EMD before participating. Approved bids are allowed to participate in the e-auction.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    18 views1 page

    The Procedure Observed For E Auction

    Uploaded by

    Kishor K
    The e-auction procedure for iron ore involves the following steps: 1) Material ready for auction is identified by Deputy Directors of Mines & Geology, samples are tested, and lots of 4000 MT are created with identification numbers. 2) Details of auction lots are provided to MSTC a week before auction so buyers can inspect mines. The day before, MSTC is given the iron content, base price, and auction is uploaded. 3) Buyers must register with MSTC and submit a signed bid document with EMD before participating. Approved bids are allowed to participate in the e-auction.

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    The procedure observed for e-auction is as under:

     
    Material ready for e-auction is identified by the Deputy Director of Mines & Geology
    (DDMG) Offices from the mines under their area of control. Fe content from the
    samples collected from the mines is provided to the laboratories functioning in
    DMG/DDMG offices. Material identified for e-auction is in multiples of 4000 MTs and
    with an identification number such lot no. These details are provided to MSTC a week
    before the date of auction so that the prospective buyers/bidders would be able to
    visit the mine heads and satisfy themselves about the quality of the ore. A day before
    the actual e-auction Fe content and Base price, arrived at by the Monitoring
    Committee based on market information, is advised to MSTC for uploading on their e-
    commerce platform (portal). Prospective buyers/bidders interested to bid in e-auction
    register themselves with MSTC well before the actual auction.  Bidders are also
    expected to sign the Bid/Auction Document containing terms and conditions of the e-
    auction and submit along with EMD before participation in the bid process. Bid
    Documents duly signed by the prospective bidders are forwarded by MSTC to the MC
    for approval. Once the Bid Documents are approved by the MC, MSTC allows such
    applicants to participate in the e-auction. As soon as the auction is complete MSTC
    will be forwarding the EMD with a list of Successful Bidders to the MC, Sale Intimation
    to the Successful Bidders and Bid Sheet to the MC. MC will subsequently be issuing the
    Acceptance Letter to the Successful Bidders giving details of Lot No., Payment Details
    etc.,.
     
    Successful Bidders are given time frame to make payment as per the Acceptance
    Letter. As and when the payments are received in full the Bulk Permits are generated
    by keying in all the details pertaining to the particular bid in the website/portal
    developed by N-Code, an associate of GNFC. Based on the bulk permits issued, the
    lease/mine holder will be generating the trip sheet by opening the website using his
    password. Simultaneously MC will be e-mailing the Scanned Bulk Permits to the
    concerned Forest/District/DDMG Authorities for smooth flow of material from the
    mine head to the buyers place.

    The Flow:
    After successful Bid the buyer will remit the amount to the lease

    Tax Invoice will be raised by lease along with Form 4 & Form 5. (Payment & Tax
    deceleration).After providing these details the Monitoring Committee will issue the
    permit to the buyer.

    Loading charges of Rs. 50/- along with GST will be collected from the buyer in order
    to dispatch the auctioned material to the buyers.

    E Way Bill will be generated by lease on material value excluding GST on or above
    value of Rs. 50,000/- and for distance less than <10KM E way bill is not required.

    GST:
    For Iron Ore: 5%
    For Loading: 18%
    For Royalty: 18%

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