The income tax department has initiated its ‘inquiry’ against four corporate entities in coal import scam worth thousands of crores, on exceptional request from the Directorate of Revenue Intelligence (DRI).
Coal import for power is expected to remain subdued in the coming months of 2017-18 on the back of high shipment in September and October as both public and private generators have stocked up ahead of winter.
Coal import for October came in flat at 16.65 million tonnes, underpinned by cautious buying of the fossil fuel by consumers due to high prices in the overseas market.
Import of coking coal from Canada is likely to rise in future keeping pace with the increase in steelmaking capacity in India, the Steel Ministry said in a statement today.
Coal imports fell by 25 per cent to 14.31 million tonnes in December, due to higher availability of domestic fuel.
The country had imported 19.15 million tonnes of coal in December 2015.