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. He was speaking to reporters after inaugurating the 50{+t}{+h} Meeting of the Central Geological Programming Board of the Geological Survey of India.
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.