Wednesday, July 06,
In a reversal of its earlier stance, the mines ministry has now suggested that the miners share 26% of royalty instead of profits with local residents. The mines ministry has also suggested reducing state and central cess from 10% to 5%.
The final decision on this matter is expected to be taken by the group of ministers on the proposed Mines and Minerals (Development and Regulation) Bill 2011 headed by Finance Minister Pranab Mukherjee at its meeting on Wednesday.
Despite three meetings, the ten-member ministerial panel set up in June last year, has been unable to finalise a methodology ensuring that local residents reap some tangible monetary benefits from the mining activity in their area.
Source: The Economic Times
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