Cancellation of coal blocks after IMG report: Jaiswal

September 2, 2012
Sriprakash

Kanpur/New Delhi, September 2: Against the backdrop of opposition pressure, the fate of 58 coal blocks will be reviewed on Monday at a meeting of an Inter-Ministerial Group (IMG), on whose recommendations wrongful allotments and cases in which mining has not started can be cancelled.

Coal Minister Sriprakash Jaiswal said an IMG has been set up to examine the pros and cons and based on its report any number of allocations can be cancelled.

He said the IMG will give its report by September 15.

"Right now, no allocations are being cancelled. On the basis of the IMG report, the allocations which were made in a wrongful manner or those allottees who have failed to start production of coal in a time-bound manner may face action. Any number of coal blocks can be cancelled," Mr. Jaiswal told reporters in Kanpur.

The government has already issued de-allocation notices to 33 government firms and 25 private entities in this regard. But the opposition has demanded cancellation of all 142 allocations mentioned in the CAG report.

In its report tabled recently in Parliament, the CAG stated that undue benefits to the tune of Rs 1.86 lakh crore were extended to private firms on account of allocation of 57 mines to them.

The IMG comprising representatives from different Ministries may recommend cancellation of such blocks, which did not comply to the development norms.

Sources said the firms in their replies furnished to the Ministry have cited various reasons, including land acquisition problems, delays in forestry and environment clearances and law and order problems for delays in developing the blocks.

The government in April began the process of issuing notices to companies that failed to develop the 58 coal blocks within the stipulated time.

The notices were issued to firms like Reliance Power's Sasan, Tata Power, Hindalco and Grasim Industries, ArcelorMittal, GVK Power, MMTC and others.

In June, the government formed an IMG to review progress of coal blocks allocated to companies for captive use.

Of the total 195 coal blocks allocated to both public and private firms over a decade, only 30 mines have begun production as per the government records.

The government, last year had cancelled the allocation of 14 coal mines and one lignite mine to companies, including NTPC and DVC for failure to develop the blocks.


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News Network
July 20,2020

New Delhi, July 20: India's retail trade has suffered a business loss of about Rs 15.5 lakh crore in past 100 days due to the COVID-19 lockdown, traders' body CAIT said on Sunday. 

In a statement, the Confederation of All India Traders (CAIT) said traders across the country are depressed because of minimal of the consumers, considerable absence of employees, facing financial crunch and yet have to meet several financial obligations.

"No support policy from the central or state governments is yet another crucial factor which is haunting the traders," CAIT claimed. 

CAIT Secretary General Praveen Khandelwal said the domestic trade is passing through its worst period in the current century which reflects that if immediate steps are not taken about 20 per cent of the shops in India will have to close down their shutters.

The traders’ body has also urged the government to award a substantial package to traders to ensure their survival. Their demands include: Relaxation in payment of taxes, extension in repayment of bank loans and EMIs without any further interest or penalty as well as measures that would provide money directly in the hands of the traders.

In April, the losses stood at about Rs. 5 lakh crore whereas in May it was estimated to be about Rs. 4.5 lakh crore, followed by Rs. 4 lakh crore in June. Losses stood at about 2.5 lakh crore in the first fortnight of July offering a grim snapshot of the effect of the pandemic on consumer spending. 

“Even as the lockdown was relaxed, store footfall was only 10 per cent. Most of these traders do not have deep pockets to sustain this severe economic catastrophe and on the other hand have several financial obligations to meet. At this crucial time, handholding of these traders is all the more much required,” Khandelwal said.

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Agencies
January 11,2020

Kochi, Jan 11: Two of the four illegal apartment complexes were brought down by controlled implosion here on Saturday.

However, the other two apartments-- Golden Kayaloram and Jain Coral-- will be demolished on Sunday.

The demolition of the first building Holy Faith H2O, slated to be carried out at 11 am, was delayed by 18 minutes while the twin towers of Alfa Serene, which is surrounded by 36 houses, were brought down at 11.43 am.

As per authorities, as many as 343 kgs of explosives were used for the demolition of twin towers of Alfa Serene, which had 80 apartments and 16 floors each.

Section 144 has been imposed within a 200-metre radius of the complexes on Saturday and Sunday. Moreover, traffic has been halted on land, water and air in the evacuation zone during the process.

There are concerns that some concrete pieces of the second tower of the building may have fallen into the lake nearby. It is yet to be estimated if the debris or concrete pieces have affected the buildings nearby.

The four apartment complexes in Maradu were ordered to be demolished by the Supreme Court for violating the Coastal Regulation Zone (CRZ) norms.

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Agencies
July 30,2020

New Delhi, Jul 30: India's gold demand in 2020 is expected to fall to the lowest level in 26 years with domestic bullion prices hitting a record high and as falling disposable incomes could curtail retail purchases, the World Gold Council (WGC) said on Thursday.

Lower demand by the world's second-biggest bullion consumer could limit a rally in global prices, which hit a record high earlier this month, although it could also reduce India's trade deficit and support the ailing rupee.

"Fast rising gold prices could act as headwinds," said Somasundaram PR, the managing director of WGC's Indian operations.

Local gold futures have jumped 35% so far this year after rising a quarter in 2019.

India's gold consumption in the first half of 2020 plunged 56% on-year to 165.6 tonnes. Meanwhile, the coronavirus-triggered lockdown also slashed demand by 70% in the June quarter to 63.7 tonnes, the lowest in more than a decade, the WGC said in a report published on Thursday.

Millions of Indians have lost their jobs or taken a pay cut after the country imposed a lockdown on its 1.3 billion people to curb the spread of the virus that has infected more than 1.5 million Indians.

Consumption is generally high during the June quarter due to weddings and key festivals such as Akshaya Tritiya, but lockdown restrictions kept shoppers indoors this year.

The weak demand in the first half could drag down India's gold consumption in 2020 to the lowest since 1994, when demand stood at 415 tonnes, Somasundaram said, adding that it is still difficult to provide an estimate for full-year demand as the coronavirus crisis is still unfolding.

"Indian demand has previously jumped as much as 300 tonnes in a quarter. Latent demand could come out in the second half," Somasundaram said.

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