Coal India roll backs hike in coal prices

CIL chairman NC Jha said the company will delink the rates from international parity prices and eventually, this will reduce the prices for different grades of coal. He added that the reduction in prices announced today will be with retrospective effect from 1 January 2012 and CIL will review the system after March

New Delhi: Coal India (CIL) today rolled back the hike in prices of coal under its new gross calorific value-based pricing mechanism that came into effect from 1st January in the wake of protests by consumers, reports PTI.

CIL chairman NC Jha said the company will delink the rates from international parity prices and eventually, this will reduce the prices for different grades of coal.

He added that the reduction in prices announced today will be with retrospective effect from 1 January 2012 and CIL will review the system after March.

However, he clarified that GCV-based grading of coal will continue, though anomalies in the pricing structure will get addressed after today’s decision.

Addressing a press conference today, coal minister Sriprakash Jaiswal said, “The GCV (Gross Calorific Value) mechanism will be revenue neutral and assessment (of today’s cut in prices) will be done after March.”

The new pricing policy based on the gross calorific value (GCV) had led to a 5%-12% increase in prices of different grades of coal. Mr Jha said delinking of local prices from global rates would assist in offsetting the projected 12.5% rise in prices.

“The overall price increase that was coming (from the new pricing) was about 12.5%... since there was a huge reaction, we have completely withdrawn that (new) pricing. We have replaced that pricing with the new one,” Mr Jha said.

CIL had shifted to a new pricing mechanism from 1st January. Under this system, prices are linked to the actual calorific value or quality of coal.

User

COMMENTS

Vinay Joshi

5 years ago

CIL cuts prices, undertaking losses in a move to pacify consumers. This review will be in a month’s time or so after forceful wage revisions.

The board has not discussed overseas plans.

The Board meeting was the last for acting CM, Mr.N.C Jha, retired Tuesday.

The Ind Govt. said Saturday 28th, it will hold bilateral talks with Indonesia to sort out graded coal exports [read –imports into Ind] & tax issues. It was a statement by none other than Mr.Alok Pert, Coal Sec; at the 4th Asian Mining Congress & Int’l Exhibition in Kolkotta.

CIL’s expansion mining plans are crimped by environment ministry. Yes environment must but how Planning Commission envisages meeting the low cost thermal generation?

12th Five year plan! What about UMPP? Fallacy understood, cost 7/10 rupees.

Why are we meeting our energy requirements by costly coal imports? Coking coal.

Possibly above 5.6K, Kcal should be immdly coming from Indonesia.

Apart from the willing countries, can Ind in view of its scare forex scenario import 25/35$ bn!

April-Sept’11 coal imports higher by 70%!?

Well, I’ve put up for valued comments! Erase, delete, trash not my probs!?

Regards,

Radia tapes tampered: Centre tells Supreme Court

Placing a confidential report in a sealed envelope before a bench headed by justice GS Singhvi, the government said there were eight to ten agencies, including service providers, involved in the tapping of telephonic conversation of former corporate lobbyist Niira Radia

New Delhi: The Government today claimed before the Supreme Court that the Radia tapes broadcast by media organisations were tampered with and the government agencies were not responsible for its leakage, reports PTI.

Placing a confidential report in a sealed envelope before a bench headed by justice GS Singhvi, the government said there were eight to ten agencies, including service providers, involved in the tapping of telephonic conversation of former corporate lobbyist Niira Radia.

The bench went through a few initial pages of the report which stated there was tampering with the conversations which were released by media.

The report says the starting and the end point of the conversation do not match with the original tapes, justice Singhvi said referring to the report.

He said the report also says that officers, who had conducted the probe, do not know who has leaked it.

“It is quite possible that someone else has done it,” the bench said.

User

COMMENTS

Nagesh Kini FCA

5 years ago

It is imperative that the parties whose voices appear in the tapes on oath confirm or deny their contents. This can help authenticate them. They can't deny their voice any way.

REPLY

P M Ravindran

In Reply to Nagesh Kini FCA 5 years ago

Mr Kini seems to be ignorant of the waywardness of our courts. Mr Hassan Pillai, the then President of the Kerala State Consumer Disputes Redressal Commission and a former judge of the Kerala High Court had filed a false affidavit in the Kerala High Court but the court did not punish him in spite of recording the fact of misleading the court. When the petitioner in that case filed a petition for taking action on the false affidavit, it was taken up by a judge proceeding on posting and dismissed just like that!

P M Ravindran

5 years ago

Does anybody in his/hr sense believe anybody in the UPA or the Congress any more?

HSBC and MakeMyTrip launches co-branded Credit Card

The HSBC- MakeMyTrip credit card is available in two categories – Signature Credit Card and Platinum Credit Card.

The Hongkong and Shanghai Banking Corporation Limited (HSBC) in collaboration with India’s leading travel portal- MakeMyTrip announced the launch of HSBC- MakeMyTrip Credit Card, a unique offering that does not confine customers to only air travel bookings with a particular airline but also provides a gamut of offerings related to travel and shopping with convenience and pay backs.

The HSBC- MakeMyTrip credit card is available in two categories – Signature Credit Card and Platinum Credit Card. It offers customers a generous reward program and exceptional welcome gifts.

Some key features of the card are:7 domestic air ticket vouchers or MakeMyTrip vouchers worth Rs8,500 on registration for Signature Credit Card offer; 2 domestic air ticket vouchers or MakeMyTrip vouchers worth Rs5,500 on registration for Platinum Credit Card offer ; accelerated reward points applicable on purchase made at MakeMyTrip portal or shopping at select merchants.

HSBC- MakeMyTrip cardholders can avail of the comprehensive choices that the portal offers like hotel bookings and holiday packages, international and domestic air, rail, and road ticket bookings along with shopping offers across select merchant across India.

Announcing the launch of HSBC- MakeMyTrip Card, Manish Sinha, head consumer assets HSBC India said, “HSBC has always strived to offer its  range of customers a broad spectrum of dynamic product offerings and banking solutions. The HSBC- MakeMyTrip Credit Card is an initiative that provides customers attractive rewards program and freedom of choice through its use.”

Speaking on the occasion,  Rajesh Magow, chief financial officer, MakeMyTrip said, “Travel is one of the fastest growing sectors in India and with growing popularity of online transactions and utility associated with plastic money, there appears to be a latent opportunity to forge a strategic alliance with HSBC, which is one of the major banking player in the country. The HSBC- MakeMyTrip Card allows all customers to avail of exclusive travel deals, shopping offers and also avail of incentives on every transaction they make.”

User

COMMENTS

ANIL G BANSAL

5 years ago

i want to apply for a credit card
my contact no. is 9822024949

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)