Coal news and updates

States may have to wait a while for coal block auction bonanza

Coal bearing States may have to wait longer to enjoy the financial benefits of the coal block auctions, as the Coal Mines (Special Provisions) Bill 2015 continues to face hurdles in the Rajya Sabha.

The Bill was expected to be taken up on Monday, but due to the Opposition’s demand for Prime Minister’s statement on release of a separatist Kashmiri leader, it is now likely to come up on Tuesday. Even the Mines & Mineral Bill will now be taken up on Tuesday.
Replacing ordinances

Already passed in the Lok Sabha, both the Bills aim to replace their respective ordinances. The Ordinances have to be replaced by Acts of Parliament by April 5, but both the houses will break for a one month recess on March 20.

“Rules framed on the basis of ordinance will facilitate auction (Coal Blocks). This will continue even after the ordinance lapse. But proceeds will not be transferred to States,” a senior Government official told reporters.

Further, he added that this will be possible after either the Bill is enacted or ordinance is re-promulgated. Any re-promulgation will be possible only after the session ends on May 8.

The Centre has decided to transfer the entire proceeds from the auction of the coal blocks to host States such as Jharkhand, Odisha, West Bengal, Chhattisgarh, Madhya Pradesh and Maharashtra.
Opposition doesn’t budge

While trying to pacify members in the Rajya Sabha on Monday, Finance Minister Arun Jaitley appealed to the Opposition to consider the two Bills. However, his appeal had no effect on the Opposition.

The Government is facing tough time to get six ordinances – Land, Coal, Mines & Mineral, Insurance, Motor Vehicle (for introduction of E Rickshaw) and Citizenship – passed in the Rajya Sabha.

With a clear majority in Lok Sabha, the Government got five Bills (except Land) cleared.

source:http://www.thehindubusinessline.com