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'Chhattisgarh coal block rates led to Rs. 1,000 crore loss'

Chhattisgarh,Business/Economy, Tue, 03 Apr 2012 IANS

Raipur, April 3 (IANS) The Comptroller and Auditor General (CAG) Tuesday slammed the state-owned Chhattisgarh Mineral Development Corporation (CMDC) for accepting lower rates for commercial mining of coal blocks in the state which had led to a revenue loss of over Rs.1,000 crore.


The CAG, in its report for the fiscal ended March 31, 2011, pointed out serious lapses committed by the CMDC in allotting coal mines for commercial mining and said its decisions resulted in "potential loss of revenue of Rs.1,052.20 crore".


The CAG provided the copies of its reports to media persons at a press meet here.


The report has made adverse comments against several other state-owned corporations such as Chhattisgarh State Industrial Development Corporation (CSIDC) for causing a massive loss to the state by its decisions.


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