New Delhi: The Coal ministry on Friday expressed confidence the draft bill on Coal Regulatory Authority will be approved by the Cabinet soon.
"I am confident that the draft bill (on Coal Regulatory Authority) will be approved by the Cabinet very soon," Coal Minister Sriprakash Jaiswal said during a coal conference organised by Assocham here.
He added that the draft bill has been prepared based on the recommendations of various committees and expert groups.
"A Group of Ministers constituted by the Cabinet discussed the draft bill in detail and has forwarded the final draft to the Cabinet for approval," the minister said.
Coal Regulatory Authority will ensure transparency in pricing, quality and supply of coal. It will also have the powers to resolve the disputes between the producers and consumers, he added.
A Group of Ministers (GoM) had earlier approved a bill which seeks to set up an independent regulatory authority for the coal sector to address contentious issues like supply and quality.
Settling the issue of fixing coal prices, the GoM had earlier decided that the proposed regulator will not determine fuel rates, a job that will continue to be vested with the producers.
The regulator will, however, be empowered to resolve disputes including those arising out of fuel supply agreements (FSAs).
An independent regulator for the sector is considered important for fixing guidelines for price revision, improving competitiveness in the e-auctions, setting trading margins and increasing transparency in the allocation of reserves.