One-time window to PSUs for surrendering non-operational mines

The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi approved the proposal during its meeting on Friday, the coal ministry said in a statement.

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The government companies would be given three months to surrender the coal mines from the date of publication of the approved surrender policy.

The government on Friday said it has approved a proposal to provide a one-time window to public sector undertakings to surrender coal mines that are not in operations without any penalty.

The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi approved the proposal during its meeting on Friday, the coal ministry said in a statement.

The CCEA “has approved the Ministry of Coal’s proposal for providing a one-time window to the Central and State PSUs to surrender non-operational mines without penalty (forfeiture of bank guarantee) and without citing any reason,” the statement said.

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This may release many coal mines which the present government companies are not in a position to develop or are disinterested and could be put for sale as per the present auction policy of the government.

The government companies would be given three months to surrender the coal mines from the date of publication of the approved surrender policy. WITH PTI