Home > Uncategorized > COAL ILLEGAL MINING & ELECTION BLACK MONEY

COAL ILLEGAL MINING & ELECTION BLACK MONEY

Coal black marketing in India for whom? Why everybody is silent ?Who is getting money?Former Prime Minister Indira Gandhi had in 1973 nationalized coal.This had minimized the black racketeering of coal and coal had become available at government notified rates all over the country. The most glaring and blatant fact is that the coal mines were given out free at the lower than nominal cost of Rs. 100 royalty per ton of coal that would be extracted. It was done at a time when the market price of coal was over Rs. 2000 per ton.Manmohan Singh gave away 63 blocks for free. During these four years (2006-2010) almost 175 blocks were gifted to brokers and capitalists of different shades.

This tantamount to coal reserves of 49.07 billion tons. Out of the 208 blocks 113 blocks were given to 184 private companies for free. This amounted to coal reserves equal to 21.69 billion tons. If the value of this coal is calculated at the market price of Rs. 2500 per ton, it comes out to 5,382,830.50 Crores. If out of this Rs. 2500, Rs. 1250 is deduced giving space for Rs. 850 as cost of production, transportation etc and Rs. 400 is deduced as profit, then also the country was inflicted a revenue loss of about 26 Lakh Crores.         READ FULL ARTICLE

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