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News Brief | September 2014

UPA coal auction process under the lens

A government-appointed panel has found faults with the coal blocks auction process initiated during the UPA government's term, a move that could further delay allotment of captive mines to private firms. The UPA government had decided to benchmark value of coal blocks to a five-year average of global indices such as Platts and Argus. This came after the Comptroller and Auditor General of India said that free coal block allotment to private companies caused a loss of Rs 1.8 lakh crore to the exchequer. An advisory committee has questioned the move to value coal blocks at global prices.
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