Coal India Ltd Allows Direct Participation of Foreign Coal Buyers in e-Auction

Coal India Limited (CIL) has permitted coal consumers located in the neighboring countries like Bangladesh, Bhutan and Nepal, who wish to import coal from India, to directly participate in the Single Window Mode Agnostic (SWMA) auctions conducted by the company. This move is expected to enhance transparency, competition and global market integration. Foreign buyers can participate alongside domestic buyers in SWMA auction and make payments in INR as well as US Dollar. Payment process would be transparent as per Foreign Exchange Management Act (FEMA) rules. Earlier, CIL had dialogues with the prospective coal consumers from abroad to categorize the enabling clauses and gauge their need of coal.