Union Cabinet approved Setting up of an Independent Regulatory Body for Coal Sector
Union Cabinet has approved setting up of a Coal Regulatory Authority meant to address controversial issues like supply and quality.
The Union Cabinet on 28 June 2013 has approved the setting up of a Coal Regulatory Authority (CRA) meant to address controversial issues like supply and quality.
The coal authority would be empowered to specify methodology for determining coal prices.
Function of the Coal Regulatory Body
• The Coal Regulatory Body will help in regulation and conservation of the coal resources.
• It is going to benefits all stakeholders, including coal companies, coal consuming industries, coal barring states as well as people directly or indirectly associated with coal industries.
It is worth mentioning here that the draft bill on Coal Regulatory Authority Bill, 2013 was submitted to the Cabinet for consideration on 10 May 2012. There after the panel decided to refer it to a Group of Ministers to sort out issues related to the powers of the proposed regulator.