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

REUTERS SHOWCASE

Jaitley's Health

Jaitley's Health

Finance minister back in hospital for check-up.  Full Article 

Modi's U.S. Visit

Modi's U.S. Visit

Modi to observe strict fast during maiden trip to U.S.  Full Article 

Mangalyaan

Mangalyaan

India's Mars mission a step closer to success with engine test  Full Article 

Shortage of Coal

Shortage of Coal

Coal import rush leads to port congestion  Full Article 

Alibaba IPO

Alibaba IPO

IPO ranks as world's biggest after additional shares sold   Full Article 

Asian Games 2014

Asian Games 2014

Full coverage of the 17th Asian Games as Incheon.  Full Coverage 

Reuters India Mobile

Reuters India Mobile

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