Parliament passes Mines and Minerals Amendment Bill, 2016
Parliament has passed Mines and Minerals (Development and Regulation) Amendment Bill, 2016. The Bill amends the Mines and Minerals (Development and Regulation) Act, 1957.
The amendment Bill was first passed in the Lok Sabha in March 2016 and later in the Rajya Sabha in May 2016.
- Transfer of mining leases: The Bill provides for transfer of mining leases, which have been granted through procedures other than auction and where minerals are used for captive purpose.
- This provision will allow for merger and acquisition of companies with captive mining leases.
- Leased area: The also bill adds the definition of leased area as the area within which mining operations can be undertaken.
- This will also include the non-mineralised area required and approved for the activities defined under Mines Act 1952.
Mines and Minerals (Development and Regulation) Act, 1957: It regulates the mining sector in India. It also specifies the requirement for obtaining and granting leases for mining operations.
Month: Current Affairs - May, 2016