COAL & MINES

India opens up for coal export as CIL allows overseas trade for auctioned coal

India for the first time would export coal. Though Coal India (CIL) would not directly involve in exports, it would allow procurers, under the two auction windows, to export. The move is likely to be catalytic to CIL’s sales.

“ However, in case of export, the onus of complying with any law/government rules/ regulations/ statutory guidelines regarding export of coal shall lie solely with the buyer/ exporter,” the amended clause for spot e-auction says.

The clause, made effective from June 8, will allow coal purchasers including traders to export coal procured under two categories of e-auction schemes — spot e-auction scheme and special spot e auction scheme.

The CIL board for the first time has brought about the change in spot e-auction, introduced in 2007 and special spot e-auction introduced in 2016.

While spot e-auction was meant for all categories of Indian coal buyers including traders, special spot e-auction is also meant for the same category of buyers with a provision to lift the booked quantity of coal in an extended period of time.

The earlier clause said, “the coal procured under e-auction is for use within the country and not for export.”

Source
financial express
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