Subscribe

0

  • Sign in with Email

By clicking the button, I accept the Terms of Use of the service and its Privacy Policy, as well as consent to the processing of personal data.

Don’t have an account? Signup

  • Bookmarks
  • My Profile
  • Log Out
  • NEWS
  • POLICIES
  • MSME OPPORTUNITIES
  • BANKING & FINANCE
  • TECHNOLOGY FOR SMES
  • SECTORS
  • GLOBAL
  • Investment
  • LEGAL
  • KNOWLEDGE QUEST
  • Future Ready Forum 2025
  • Ek Nayi Udaan
  • Future Ready Summit 2024
  • SMB RISE
  • ADVERTISE WITH US
ad_close_btn
  • News
  • Policies
  • Banking & Finance
  • MSME Opportunities
  • Web Stories
  • InFocus
  • Technology For SMEs
  • Sectors
  • Global
  • Fashion

Powered by :

You have successfully subscribed the newsletter.
InFocus Sectors

Coal Ministry Offers Relaxation in Revision of Performance Bank Guarantee

Extends Bid Due Date For Commercial Coal Block Auction upto 30th January, 2023

author-image
SMEStreet Edit Desk
14 Jan 2023 08:11 IST

Follow Us

New Update
Prahlad Joshi, Coal Ministry

The Ministry of Coal had launched the 6th round and 2nd attempt of 5th round of commercial coal mines’ auction on November 03, 2022 for 141 coal mines.  Considering the demand from the industry and to promote Ease of Doing Business (EoDB), the Ministry  has decided that going forward the first revision in the Performance Bank Guarantee (PBG) would be done upon grant of mine opening permission for the respective coal mines.

As per the provisions of the tender document, the Performance Bank Guarantee (PBG) to be submitted for each successfully auctioned coal mine is to be revised annually based on the National Coal Index (NCI) for the month of April in the beginning of the year.  Since, NCI has become double since the launch of first commercial coal mine auctions in 2020, several representations were received from the industry for relaxation in PBG revision provisions.  It was requested that unprecedented increase in NCI has led to significant financial burden on successful bidders, whose mines are in the pre-operationalization stage, impacting fund availability for mine operationalization activities.

This investor friendly initiative is expected to reduce the financial burden on the bidders during the process of operationalisation of the coal mines and is expected to enhance participation from the bidders in the commercial coal mines’ auctions. In lieu of the same and to effectuate this amendment in the ongoing round of auction, the Ministry has extended the auction bid due date to January 30, 2023 from its earlier bid due date of January 13, 2023.

 

Coal Prahlad Joshi
Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news
logo

Related Articles
Read the Next Article
Latest Stories
Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news

Latest Stories
Latest Stories
    Powered by


    Subscribe to our Newsletter!




    Powered by
    Select Language
    English

    Share this article

    If you liked this article share it with your friends.
    they will thank you later

    Facebook
    Twitter
    Whatsapp

    Copied!