Lawstreet Journal

Lok Sabha Clears Bill to Amend Mines & Minerals Act 1957 [READ BILL]

Lawstreet Journal 22 Mar 2021 9:37pm

Image courtesy: Lawstreet Journal Executive Lok Sabha Clears Bill to Amend Mines & Minerals Act 1957 [READ BILL]

The Lok Sabha on Friday i.e, 19 March passed the Mines and Minerals (Development and Regulation) Amendment Bill, 2021 by voice vote, which seeks to amend the Mines and Minerals (Development and Regulation) Act, 1957. 

The bill seeks to further regulate the mining sector in India by: 

  • Permitting removal of restriction on end-use of minerals; 
  • Enabling captive mines to sell up to 50% of their annual mineral production in open markets;
  • Easing the process of statutory clearances by allowing its transfer from one lessee to another;
  • Allowing private companies to enter mining exploration etc.


Speaking on the Bill, Union Minister Pralhad Joshi said that the mining sector in India is very weak. He further said that the reason for this is non-involvement of private companies in this sector. He added that the Bill enables private players having advanced technology to enter exploration and boost the sector.

 

Salient Features of the Bill:

Removal of restriction on end-use of minerals and Auction by Central Government
 

  • The Act empowers the central government to reserve any mine (other than coal, lignite, and atomic minerals) to be leased for a particular end-use, such as iron ore mine for a steel plant. Such mines are known as captive mines. The Bill also provides that no mine will be reserved for a particular end-use.
  • Under the Act, states conduct auctions for granting mining leases. The Bill provides that where the State Government has not successfully completed auction process within a specified time, the Central Government may take over and conduct such auction.

 

Sale of minerals by captive mines

The… Continue Reading...


Tagged: lok sabha  
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