The Mines Minster, Mr Dinsha
Patel, is hopeful that the Mines and Minerals (Regulation and Development) Bill
2011 will be passed in the upcoming Budget session.
The new Bill, introduced in Lok
Sabha in December, has been referred to the Standing Committee on Coal and
Steel of Parliament in January. Mr Patel said the Standing Committee has
invited suggestions and comments from the stakeholders and may submit its
report before end of March.
“We are hopeful that the Bill
will be passed in the second leg of the Budget session in April-May,†Mr Patel
said.
The Bill seeks to consolidate and
amend the law relating to the scientific development and regulation of mines
and minerals under the control of the Union. It provides for profit and royalty
sharing with project affected people, besides a simple and transparent
mechanism for granting of mining lease or prospecting license through
competitive bidding.
As per the provisions of the
Bill, coal and lignite companies will have to pay an amount equal to 26 per
cent of their previous year's profit from mining operations to the District
Mineral Foundation for the welfare of the project affected people. The non-coal
mining firms will have to pay an amount equivalent to the royalty paid for the
financial year towards the same.
It also enables advanced
technology adoption for exploration of deep-seated and concealed mineral
deposits and empowers State Governments to cancel the existing concessions to
prevalent illegal and irregular mining.
The new Bill also enables
registered co-operatives for obtaining mineral concessions on small deposits to
encourage tribals and small miners to take up mining operations.
Source: The BusinessLine
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