April 9, 2015

ns-tomarOdisha Channel Bureau New Delhi, April 9: Union Ministry of Mines has prepared the draft rules named `The Mineral (Auction) Rules, 2015’ for enabling auction of the mineral concessions as provided under the MMDR Amendment Act, 2015.The draft Mineral (Auction) Rules, 2015 have been uploaded on the website of the Ministry of Mines yesterday, inviting comments/ suggestions from the general public, Governments of States and Union Territories, Mining Industry, stakeholders, industry associations, and other persons and entities concerned by 23rd April, 2015.Earlier on 2nd April, 2015, Minister of Steel and Mines Narendra Singh Tomar had stated 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 27th March, 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).

April 9, 2015 0 Comment

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