CIL eases payment terms for customers

Coal India Limited (CIL) has decided to ease payment terms for its customers as well as directed the railways to defer loading of rakes for non-power buyers due to last-mile connectivity disruption, following the nationwide lockdown. The company has also decided to extend the date for payment by successful bidders in e-auctions, in case it falls within the lockdown period. CIL will accept usance LoCs, also referred to as deferred payment LoCs, which will allow consumers to get the deferred payment option for coal value by paying a service charge to its banker who will make instant payment to CIL.

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