New Delhi, Sep 30 (ANI): The Union Cabinet today approved the Mines and Minerals (Development and Regulation) Bill, 2011, aimed at bringing more transparency in the process of allocations for licenses.
Briefing mediapersons after the Cabinet meeting, Mines and Minerals Minister Dindsha Patel said the bill would be introduced in the winter session of Parliament.
As per the provisions of the Bill, coal mining companies will have to share 26 per cent of the profits from their mines with people impacted by projects.
States may grant of direct mining concessions through bidding based on a prospecting report and feasibility study in notified areas where data of minerals is adequate for the purpose.
It will enhance penalties for violation of provisions of the Act, including debarment of person convicted of illegal mining for future grants and termination of all mineral concessions held by such person
The new draft MMDR Act would have financial implications in the creation of an independent National Mining Tribunal and National Mining Regulatory Authority at the Central Level, and the expenditure involved in the capacity building of the Indian Bureau of Mines. The funds for this expenditure are likely to be met from levy of cess at the rate of 2.5 per cent on the basis of Customs/Excise Duty.
The new MMDR Act would be implemented immediately after receiving Parliamentary approval and President's assent, and a date of commencement would be notified separately.
The approval will help in developing the country's mining sector to its full potential so as to put the nation's mineral resources to best use for national economic growth, and ensure raw materials security in the long term national interest. (ANI)
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