No loss from no-output coal block allocations: govt

Fri Aug 24, 2012 1:58pm IST

Labourers load coal on trucks at Bari Brahamina in Jammu May 20, 2010. REUTERS/Mukesh Gupta/Files

Labourers load coal on trucks at Bari Brahamina in Jammu May 20, 2010.

Credit: Reuters/Mukesh Gupta/Files

Related Topics

REUTERS - The government does not perceive any loss from allocations of coal blocks which are not yet producing, Finance Minister Palaniappan Chidambaram said on Friday.

"If coal is not mined, if coal remains buried in mother earth, where is the loss?" Chidambaram told journalists at a conference, adding that a loss will only arise if coal were to be mined and sold at an unacceptable price or value.

Chidambaram said that out of 57 coal blocks highlighted in a report of the Comptroller and Auditor General (CAG) on the allocation process, only one was producing.

In its report, the Comptroller and Auditor General of India(CAG) had alleged that the Congress-led government's under-priced sale of coal blocks may have cost the exchequer potential revenues of around $33 billion.

(Reporting by Arup Roychoudhury; Editing by Jo Winterbottom)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Shares Hit Record

Sensex, Nifty rise to second consecutive record high

Sensex surges 500 points on BOJ easing, L&T gains

The BSE Sensex and Nifty surged to record highs for a second consecutive session on Friday after Bank of Japan's surprise expansion of its massive stimulus programme raised hopes for additional foreign inflows, boosting blue-chips such as Larsen & Toubro.  Full Article 

REUTERS SHOWCASE

Wilful Negligence?

Wilful Negligence?

SEBI piles pressure on Sahara to sell overseas hotels  Full Article 

Indian Economy

Indian Economy

India's fiscal deficit in H1 almost 83 pct of full-year target.  Full Article 

M&M Earnings

M&M Earnings

M&M Q2 net profit down 4 percent, hit by poor monsoon.  Full Article 

Ban on E-Cigs?

Ban on E-Cigs?

Govt considers ban on e-cigarettes, sale of single smokes.  Full Article 

Commodities

Commodities

Silver futures in India hit four-year low on global cues.  Full Article 

BOJ Policy

BOJ Policy

BOJ shocks markets with surprise easing as inflation slows.  Full Article 

Shadow Banking

Shadow Banking

China's shadow banking sector growing rapidly, third largest in world - FSB.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage