Ministry of Mines Invites Suggestions to Draft Mineral Auction Rules by 23rd April, 2015
Earlier on 2nd April, 2015, the Minister of Steel and Mines has stated, at his press conference, that the draft Rules to enable auctions of mineral concessions would be put out for consultation with the stakeholders within a week.
The Mines and Minerals (Development and Regulation) (MMDR) Amendment Act, 2015 has been notified on 27thMarch, 2015 to amend the MMDR Act, 1957.
The Amendment removes discretion in the grant of mineral concessions. Henceforth, all mineral concessions will be granted by the respective State Governments only through auctions, which will bring greater transparency and remove discretion in allocation of mineral resources. In this process, the Government will get increased share of revenue from the mining sector. Unlike in the 1957 Act, there would be no renewal of any mineral concession. The tenure of mineral concessions has been increased to 50 years compared to the earlier provisions of 30 years. Thereafter, all Mining Lease would be put up for auction (and not for renewal as in the earlier system).
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