ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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MONEY AND BANKING- Not by Dear Money Alone

on the economy has been summarised by A K Roy as follows: India has imported coking coal from Canada and Australia the fob cost of which in the case of the former is about $20 a tonne and of the latter $25 a tonne. When the contract was signed with these countries the shipping industry was passing through a Repression and the charter rates from US and Canadian ports to India were about $ 17 a tonne plus about $ 3 for handling charges and from Australian ports about $ 30 a tonne, if the figures given out by the Steel Ministry of Rs 800 a tonne for imported coal is to be taken as reasonably correct, there is a difference of $20 a tonne to be accounted for between the delivered cost of imported coal as work- ed out from the facts available and the figures given out by the Steel Ministry. This works out to $20 million for the one million tonnes of coking coal contracted for import and may be well worth an enquiry to provide a valuable supplement to the earlier Khanna Commission report on the business ventures of Biju Patnaik.

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