December 18, 2012 / 19:24 IST
A meeting of the Group of Ministers (GoM), under the Chairmanship of Finance Minster P Chidambaram, which was to be held to deliberate on the draft Coal Regulator bill has been postponed. "The GoM meeting on Coal Regulator bill has been postponed due to Ministers' preoccupations in Parliament," a government official said. No fresh date has been fixed as of now, he added.
The Cabinet had referred the draft Bill for setting up a regulatory authority for the coal sector to a ministerial panel. Coal Minister Sriprakash Jaiswal had said in November that GoM assigned to set up coal sector regulator may come up with its final recommendations soon after its meeting in December. "I think in one or two meetings it (setting up of the coal regulator) would be decided," the minister had said.Also Read: Coal India against others exploiting CBM and shale gasIn May, the Union Cabinet had discussed the proposal for a coal regulator and asked the GoM to make recommendations on its powers and functions. The setting-up of an independent regulator for the coal sector is considered important for competitiveness of e-auctions, fixing guidelines for price revision in supply pacts, fixing trading margins and increasing transparency in the allocation of reserves.A coal regulator was recommended in the country's Integrated Energy Policy as well as by the TL Shankar Committee on coal sector reforms. A few states and stakeholders were also demanding setting-up of the coal regulator to induce greater transparency in coal block allocation and price fixing. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
