MSTC to conduct gold TRQ e-auctions

MSTC Limited announced its nomination by the Director General of Foreign Trade, Government of India, to serve as the consultancy/service agency for conducting e-auctions of Gold Tariff Rate Quota (TRQ). This appointment is on a single-source basis under Rule 194 of the General Financial Rules (GFR), 2017. MSTC's role will involve providing online administration for the allocation of TRQ for importing gold bullions and other commodities.

The company clarified that this engagement is for operating the e-auction platform, and thus, the specific consideration or size of the order/contract cannot be quantified at this stage. Revenue for MSTC will be generated from transaction fees payable by each bidder for submitting bids in each e-tender, dependent on the volume of e-auctions and bidder participation.

The agreement for this domestic contract will remain valid until either party chooses to terminate it. MSTC confirmed that neither its promoters, promoter group, nor group companies have any interest in the awarding entity, and the transaction does not fall under related party transactions.