Kolkata: Coal India (CIL) has further extended the time limit for payment of coal, booked by its customers, by two more weeks till April 21 2020 from April 7, 2020 announced earlier. The move comes amid a slew of measures that the Maharatna coal major has introduced to lessen the burden of its customers in the ongoing lockdown phase.
“We are reaching out to our customers with the best friendly initiatives that we could in this difficult period,” said a company official, adding that “the aim is to ease the stress of our customers”, a CIL official said.
According to CIL, the long-pending demand of issuance LC is now implemented as an additional mode of payment along with irrevocable revolving letters of credit (IRLC) for the coal supplied to power producers, especially independent power plants. This will help the cash-strapped power producers avail credit facility through their banks to tackle liquidity crunch.
