THE COAL-GATE SCAM!
Coal is the biggest source of energy for electricity generation world wide and largest anthropogenic source of Carbon di oxide. Coal accounts for more than 50% of India's needs. It is estimated that there are 861 billion tons of coal reserve, at present rates of consumption it could last for 112 years. US, Russia, China and India have the biggest reserves. India is the 3rd Largest consumer, producer and 4th largest importer in the world.
Coal India says it has 64.7 billion ton of coal of which 52.5 bt is proved(recoverable economically), 10.2 bt (indicated), 1.9 bt (inferred).
In 1973 Coal Mines Nationalisation act was passed. Also in May 1975 Coal India limited(CIL) was formed.
The SCAM!
Earlier in 2004, the GoI had announced competitive bidding of captive coal blocks for private coal companies, but till 2011 it was not started. The allocations were done by a screen committee using ambiguous guideline, rather than competitive bidding. In 2014 itself coal secretary had informed the PM(Dr. Singh) about the the fraud allocation but was overruled.
In March 2012, the CAG(comptroller and auditor general) concluded that GoI didnt auction for 194 coal blocks betwen 2004-2011, leading to a huge loss. Initially it estimated the loss to be USD 160 billion(10 lac crores). This was extrapolated loss and thus reduced to the final loss of USD 28 (1.86 lac crore). The CAG's report led to the involvement of Supreme Court.
Dr Singh- "I am upset but truth will prevail"
Guyz I didnt understand what is there now to be prevailed accept the culprits. I am really waiting to see if Dr Singh gives a statement against Sonia Gandhi, which would never come!
Coal is the biggest source of energy for electricity generation world wide and largest anthropogenic source of Carbon di oxide. Coal accounts for more than 50% of India's needs. It is estimated that there are 861 billion tons of coal reserve, at present rates of consumption it could last for 112 years. US, Russia, China and India have the biggest reserves. India is the 3rd Largest consumer, producer and 4th largest importer in the world.
Coal India says it has 64.7 billion ton of coal of which 52.5 bt is proved(recoverable economically), 10.2 bt (indicated), 1.9 bt (inferred).
In 1973 Coal Mines Nationalisation act was passed. Also in May 1975 Coal India limited(CIL) was formed.
Coal India says it has 64.7 billion ton of coal of which 52.5 bt is proved(recoverable economically), 10.2 bt (indicated), 1.9 bt (inferred).
In 1973 Coal Mines Nationalisation act was passed. Also in May 1975 Coal India limited(CIL) was formed.
The SCAM!
Earlier in 2004, the GoI had announced competitive bidding of captive coal blocks for private coal companies, but till 2011 it was not started. The allocations were done by a screen committee using ambiguous guideline, rather than competitive bidding. In 2014 itself coal secretary had informed the PM(Dr. Singh) about the the fraud allocation but was overruled.
In March 2012, the CAG(comptroller and auditor general) concluded that GoI didnt auction for 194 coal blocks betwen 2004-2011, leading to a huge loss. Initially it estimated the loss to be USD 160 billion(10 lac crores). This was extrapolated loss and thus reduced to the final loss of USD 28 (1.86 lac crore). The CAG's report led to the involvement of Supreme Court.
Dr Singh- "I am upset but truth will prevail"
Guyz I didnt understand what is there now to be prevailed accept the culprits. I am really waiting to see if Dr Singh gives a statement against Sonia Gandhi, which would never come!
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