Coal news and updates

The government on Monday said a revenue of around Rs 2,237 crore has already been generated till May-end from the allocation of 74 coal mines.

"The revenue already generated till May 31, 2016 from the allocation of 74 coal mines under the provisions of the Coal Mines (Special Provisions) Act, 2015 is Rs 2,237 crore (excluding royalty, cess and taxes) which shall be devolving entirely to the coal bearing state concerned," coal and power minister Piyush Goyal said in a reply to Rajya Sabha.

The revenue which would accrue to the coal bearing states from the allocation of mines comprises of upfront payment as prescribed in allotment document, auction/allotment process and royalty on per tonne of coal production, the minister added.

Under the provisions of Coal Mines (Special Provisions) Act, 2015 and its rules, he said, the government has so far allocated 75 coal mines for specified end uses.

"The revenue which shall accrue to the coal bearing states concerned during the life of mine/lease period from the allocation of these 75 coal mines...2015 is estimated at more than Rs 3.53 lakh crore," the minister said.

The estimated revenue from the e-auction of 31 coal mines is Rs 1,96,689 crore, he added.

SOurce: TOI