Coal news and updates

Citing customer confidentiality, three state-owned banks, including State Bank of India (SBI), have declined to provide information with their overseas branches regarding transactions by leading power companies which are being probed for alleged overvaluation of coal imports, pegged at Rs 29,000 crore.

Sources in the Finance Ministry said this has prompted Revenue Secretary Hasmukh Adhia to write to these lenders to cooperate with the ongoing investigation.

The government plans to issue letters rogatory seeking help from at least three countries — Singapore, Dubai and Hong Kong — to access documents lying with the overseas branches of SBI, Bank of Baroda and UCO Bank relating to transactions by top power companies, sources said.

A letters rogatory is a formal request from a court to a foreign court, seeking some type of judicial assistance in investigating a foreign entity.

Source: IndianExpress