Sign In
Learn bits
Schemes & Policies
Mahesh

25/06/22 07:07 AM IST

Policy & Portal of e-auction for Commercial earning, Non-Fare Revenue (NFR) contracts

In News 
  • Shri Ashwini Vaishnaw launched e-auction for Commercial earning, Non-Fare Revenue (NFR) contracts in Rail Bhavan.
About Policy
  • This policy is in line with the vision of Hon’ble Prime Minister to change the experience of common man by the use of technology.
  • With this new policy, tedious process of tendering would get simplified. Also, it would give opportunities for youth to join the e-auction process.
  • This policy enhances ease of living, promotes transparency and adds to Digital India initiatives in Railways.

E-Auction
  • Bidder located anywhere in India need to self register once for participating in auctions of any field unit of Indian Railways through the portal.
  • Remotely bid can be placed for management rights of an asset after depositing earnest money (EMD) electronically.
  • Successful bidder would be able to receive acceptance online and through e-mail in very short span of time.
  • There is no financial turnover requirement for annual contracts upto Rs. 40 lacs.
Features 
  • The Auction will be conducted online through ‘E-Auction Leasing’ module of IREPS: www.ireps.gov.in
  • Policy for e-Auction and Standard Conditions of Auction issued by Railway Board:
  • Earlier system of physical registration of contractors Division-wise has been done away with
  • Only financial criteria – based on self-declaration of past turnovers by contractors
  • Financial turnover criteria rationalized and standardized – No turnover requirement upto Rs. 40 lacs annual contract estimates
  • One time online self-registration of contractors
  • No geographical restrictions for participation in any auction of any Division
  • All assets will be fed in the system for better monitoring and ensuring issuing contracts in advance – reduce asset idling
  • Auction catalogues with all details of the assets will be published online on IREPS portal, minimum 15 days in advance
    Benefits 
    • Online mode makes potential bidders from distant location across country to participate in the bidding process.
    • Online payment to Railways post award of contract. Till now provision of daily manual payment in parcel leasing contract is there, which is a tedious process. Now it is made online.
    • Better Monitoring: After mapping, portal prompts when an earning contract of a particular asset is nearing completion and compels to start fresh auction, thus making idle time of the asset minimal.
    • Standardization of eligibility conditions pan-India.

    Source- PIB 

    More Related Current Affairs View All

    05 Mar

    First-ever comprehensive survey of India’s river dolphins

    'Prime Minister Narendra Modi released the results of the first-ever comprehensive population estimation of riverine dolphins – Gangetic and Indus dolphins – done in In

    Read More

    05 Mar

    Arresting women at night

    'The Madurai Bench of the Madras High Court in Deepa versus S. Vijayalakshmi and Others ruled that the legal provision in the Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023, which

    Read More

    05 Mar

    Digital Personal Data Protection Act, 2023

    'The Ministry of Electronics and Information Technology (MeitY) looking to wrap up public consultations on the draft Rules for the Digital Personal Data Protection Act, 2023 by Mar

    Read More

    India’s First Ai-Driven Magazine Generator

    Generate Your Custom Current Affairs Magazine using our AI in just 3 steps