Coal bill News

Taking forward its decision to open up the coal sector for commercial mining, the government may allot more than 10 coal blocks to PSUs in the current fiscal for production and sale of the fossil fuel.

In terms of number of Bills passed by both the Houses during the Budget sessions, the highest number of 24 Bills were passed by both the Houses during this Budget session, the best in the last five years.

The government plans to soon auction about 11 coal mines which could not be sold in the first two phases of the recent coal block auctions.

A bill on allocation of coal mines, which became infructuous after the passage of a similar bill in Parliament this year, was withdrawn from Rajya Sabha Monday.

Parliament approved two crucial bills, which form part of NDA government's reforms agenda.

The crucial bill that provides legal framework for auction of coal blocks was passed by Parliament on Friday, replacing an ordinance that was to expire on April 5.

The Rajya Sabha on Friday passed the Coal Bill which will replace the Ordinance promulgated in December last year.

The crucial bill that provides for auctioning of coal may clear the Rajya Sabha hurdle after a Select Committee endorsed it by majority, though some members dissented, but a bill relating to other minerals will have to go back to Lok Sabha because of an amendment suggested by another panel.

Lok Sabha on Wednesday passed the Coal Mines bill to allow e-auction of coal blocks after the Supreme Court cancelled their allocation leading to uncertainty in the coal sector, amid opposition by Left and some other opposition parties.

Moving at rapid pace, the Union Cabinet on Wednesday approved key insurance and coal sector reforms which were stuck in Parliament logjam.

With the government pushing key reform measures like insurance and coal block allocation, Finance Minister Arun Jaitley on Wednesday said the country cannot wait even if one of the Houses of Parliament "waits indefinitely".

Addressing a press conference in the national capital, the Finance Minister said that insurance ordinance is in line with select committee recommendation.

The government had to go in for re-promulgation of the Ordinance as the Rajya Sabha could not take up the Coal Mines (Special Provisions) Bill.

The Insurance Bill seeks to increase the composite foreign investment limit in insurance companies to 49 percent from current level of 26 percent.

Government may adopt the ordinance route to push reforms in insurance and coal sectors as relevant bills could not be taken up in the Rajya Sabha, whose functioning was paralysed in the just-concluded winter session.

With only two working days left in the winter session of Parliament, the fate of the government's economic reform agenda, particularly the Insurance Bill and the Coal Bill, hangs in balance in view of strong opposition by some parties.

The government may look at other alternatives if the passage of Coal Mines (Special Provisions) Bill faces hiccups in the Rajya Sabha.

Stating that the Coal Mines Bill passed by the Lok Sabha Friday would pave way for privatisation of the sector and hamper Coal India's interests, trade unions of the PSU today said they would chalk out a strategy to oppose any such move, on December 15.

The Bill provides for "allocation of coal mines and vesting of the right, title and interest in and over the land and mine infrastructure, together with mining leases, to successful bidders and allottees through a transparent bidding process.

Lok Sabha on Friday passed Bill replacing an ordinance brought in the wake of Supreme Court order cancelling allocation of 204 coal blocks.