Punjab Rural Development and Panchayat Department on Thursday achieved a major milestone by clocking 36 percent increase in revenue in the first ever e-auction of cattle fair.
The e-auction, that concluded at 1 pm on Thursday, closed at `50 crore against `35.21 crore earned in the previous auction.
The e-auction was conducted in the conference hall of Punjab Infotech at Udyog Bhawan in the presence of auction committee.
All the aspirants were taking part in the auction through online system from different places in the state. There were total seven participants, who took part in the auction.
The auction, which was started at 10 am, took its stipulated time of three hours and concluded at 1 pm sharp.
Zirakpur’s Kunwarmahip Singh won the auction at 12:59:56 pm leaving behind his rival Amarjit Singh, who gave his auction amount of `48 crore at 12:59:47 pm. Finally, with the more auction amount, Kunwarmahip Singh became a successful bidder.
The State Rural Development and Panchayats Minister Surjit Singh Rakhra said “Punjab has earned revenue of `50 crore which would give a big boost to the ongoing development of rural belts in the state.”
The successful bidder would have to deposit 25 per cent of the total amount within two banking days and he would have to deposit advance installment before 25th of every month.
Rakhra said that there were 42 mandis, where cattle fairs would be conducted by the successful bidder. He informed that this auction will be valid from June 1, 2014 to March 31, 2015. He said Rs 38.52 was fixed as reserve price for the auction.