Calcutta, Sept 21: CESC Ltd's consumers face a whopping levy of Rs 500 crore, 75 per cent of which arises from exchange rate losses incurred by the company on its foreign-currency loans. CESC proposes to offset the losses via tariff hikes.The RP Goenka-owned power utility, which is already collecting Rs 264 crore by way of arrear fuel surcharge (FSC), has adopted accounting policies that will make its 15 lakh consumers pay for huge losses arising from forex loans taken during the nineties.
During fiscal 1998-99, following a prolonged controversy, CESC was allowed to recover Rs 264 crore in FSC for the years between 1996-97 and 1998-99.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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