New mining bill proposes 26 per cent profit share
15 Nov 2010
The draft bill for the proposed Mines and Minerals (Development and Regulation) Act, 2010 inter-alia proposes to make it mandatory for all mining lease holders, including public sector undertakings, to share 26 per cent of their after-tax profits with local persons and families affected by mining projects.
Giving this information in the Rajya Sabha today, minister of state for coal Sriprakash Jaiswal said the draft bill is currently under consideration of group of ministers (GOM).
Till a final decision is taken, it is not possible to indicate salient features of bill and provisions, the minister added.
The bill will have to be passed by the Parliament before its implementation, he added.
He said the bill also has provision for central intervention in illegal mining.
As per the Mines and Minerals (Development and Regulation) (MMDR) Act, 1957, the main powers for prevention and control of illegal mining are with the state governments, which have full powers to frame their own rules for curbing illegal mining, the minister pointed out.
He said 16 state governments have reported detection of 41,578 cases of illegal mining in the year 2009.
.jpg "RBI keeps repo rate unchanged as focus remains on inflation")
.jpg "Indian Oil, Panasonic team up for lithium-ion cell production in India")
