Coal India Implements Uniform Late Payment Fees

1 Oct 2024 , 01:54 PM

Coal India Ltd (CIL) will apply standard interest rates to receivables lingering after the due date from October 1. The move is intended to simplify and ease business operations, according to a statement from the state-owned enterprise.

So far, interest rates on late payments have varied greatly, even for the same coal buyer who has multiple fuel supply agreements (FSAs) with the company, it claimed.

Coal India acknowledged concerns made by coal consumers seeking revisions to the unequal interest rates, the firm stated, adding that it addressed the discrepancies and implemented a consistent rate.

The policy change concerns coal sold under various fuel supply agreements and schemes.

As of 13:51 p.m. Coal India shares were up 0.46%.

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