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Govt gets Rs 1,029 cr from coal mines auction, allocation

Government received Rs 1,029.7 crore in upfront payment from auction and allotment of coal blocks that held earlier this year. In a written reply, Coal and Power Minister Piyush Goyal informed the Lok Sabha that the upfront payment from auction of coal blocks is Rs 341.78 crore. "In addition, the first instalment of upfront payment received and payable to coal bearing states concerned from allotment of 38 coal mines to various Central/State PSUs is Rs 6,87,99,36,182 (Rs 687.99 crore)," the minister said. An estimated revenue of Rs 3.35 lakh crore would accrue to coal-bearing states from 29 auctioned and 38 alloted mines, Goyal has said. The minister had earlier said that seven out of 67 coal mines auctioned and alloted recently have begun operations while the remaining blocks are at various stages of development. The minister had also said that the government has taken proactive measures to ensure that statutory clearances, including environment and forest, are transferred to the successful bidders and allottees expeditiously.

source: http://www.moneycontrol.com