No loss from no-output coal block allocations: govt
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)
- Tweet this
- Share this
- Digg this
- Branson to meet Virgin Galactic space team after crash
- Nigeria's purported Boko Haram leader says has "married off" girls - AFP
- Army officer takes charge in Burkina Faso, ousting general
- Group says piece of metal found on Pacific island is from Earhart's plane
- SEBI piles pressure on Sahara to sell overseas hotels
Shares Hit Record
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
China's shadow banking sector growing rapidly, third largest in world - FSB. Full Article