BENGALURU, 13 December 2016 : In order to provide farmers sell their livestock, Karnataka state has tied-up NCDEX Spot Exchange to auction & trade livestock online.
The new venture which will be launched, will trade & auction cattle and sheep.
Speaking on this development, Manoj Rajan, managing director and CEO of Rashtriya e-Market Services, a joint venture between NCDEX Spot Exchange and the Karnataka government said that the new platform will provide technologies that will use internet and electronic banking for making systematic livestock trading more efficient.
This will improve pricing since there is no organized market for livestock, Rajan said.
Rajan also stressed that currently there are no means for farmers to take informed decisions, as the crude trade is dominated by brokers and agents who often cheat hapless farmers.
The company will initially be rolled out in 27 Agricultural Produce Marketing Committee (APMC) markets and aims to put an end to complaints from dairy farmers who are duped by brokers, who bring livestock to cattle fairs for trade.
The cattle trading software, developed by ReMS, will enable buyers and sellers to search and select cows of their choice based on their online profiles.
How the new livestock online trading will work
* Both buyers and sellers are required to go online and apply for membership to auction their livestock
* Sellers, once approved for membership, will be allowed to submit lots of cattle for sale. They will post representative photographs of the cattle on sale with the required description information
* The unified marketing platform will designate a submitted lot to a regularly scheduled sale
* Each lot will be auctioned in a preset order and awarded to the highest bidder
* All money flow will be transferred online through electronic transfers
The state government will generate online profiles of all livestocks in the state that will include vital importation including photograph, video footage, vital stats, age, animal's vet and feed history, and even a UID number.
