CIL eases payment terms for power consumers

Coal India Limited (CIL) has decided to ease payment terms for its customers, particularly those in the power sector, and be lenient in dealing with defaults. It will also accept usance letters of credit, also referred to as deferred payment letters of credit, which will allow consumers to get a deferred payment option for the coal value by paying a service charge to its banker. The banker makes instant payment to CIL.