Facing heat over a draft report of the CAG over allocation of coal blocks, the Coal Ministry today said it will soon come out with a Coal Regulatory Bill, 2012, that will improve transparency in the sector.
"I have already signed [the draft Coal Regulatory Bill] and it has been sent to the Cabinet [for approval]," Coal Minister Sriprakash Jaiswal told PTI.
The bill seeks to provide level-playing field to all stake holders, besides ensuring transparency in allocation of coal blocks to companies.
The coal sector regulator, as provided in the Bill, will attempt to expedite resolution of disputes relating to pricing of coal and put in place benchmarks for performance of companies in the sector.
The Coal Ministry has been in the news following disclosure of a draft report of the Comptroller and Auditor General (CAG) which had pointed out that the government lost Rs 10.67 lakh crore on account of allotment of coal blocks to 100 private and public sector companies during 2004 to 2009.
While replying to the questions in the Lok Sabha on March 14, Jaiswal had said coal sector would soon get a regulator as the government has finalised a draft bill for the purpose.