THE TIMES OF INDIA
New mining law
Edited by : AL CIRCLE
1 min read
The Indian Union Cabinet is set to approve a new law that will provide more rights to tribals in commencement and end of mining activity besides providing Rs 10,000 crore annually to 60 tribal-dominated districts.
The bill for the new mining law and the repeal of the Mines and Minerals (Development and Regulation) Act, 1957 is on the agenda for the Cabinet meeting scheduled for Friday. The bill, expected to be introduced in the next session of Parliament, proposes that coal companies set aside 25% of their post-tax profits into a fund. In addition, an amount equal to the royalty for iron ore, bauxite and limestone will also flow into the fund.
The bill for the new mining law and the repeal of the Mines and Minerals (Development and Regulation) Act, 1957 is on the agenda for the Cabinet meeting scheduled for Friday. The bill, expected to be introduced in the next session of Parliament, proposes that coal companies set aside 25% of their post-tax profits into a fund. In addition, an amount equal to the royalty for iron ore, bauxite and limestone will also flow into the fund.
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