Cabinet nod for setting up of Coal Regulatory Authority
The proposed body is expected to benefit all stakeholders including coal companies, coal consuming industries such as power, steel, cement and coal bearing States and people, directly or indirectly associated with the coal industry.
The Authority, besides specifying methods of testing for declaration of grades or quality of coal, would also monitor and enforce closure of mines, specify principles and methodologies for price determination of raw coal and washed coal and any other by-produce generated during the process of coal washing.
It would also be empowered to adjudicate upon disputes between parties and discharge other functions as the Central Government may entrust to it.
A fund called ‘The Coal Regulatory Authority Fund” would be created and all grants, fee and charges received by the Authority shall be credited to this fund.
However after the Bill is passed, details would be worked out and submitted to the Government for appropriate financial sanction for the initial start-up funding.