Govt Announces big reforms in mining sector; to auction 500 blocks
- The Centre said it will rationalise stamp duty in mining sector, eliminate the difference between captive and non-captive mines, introduce seamless composite exploration-cum-mining-cum-production regime and auction 500 mining blocks.
- The introduction of a seamless composite exploration-cum-mining-cum-production regime will bring many more mineral blocks into auction.
- The blocks having potential for mineral production will be auctioned for composite licence wherein the successful bidder will complete the exploration and start production seamlessly.
- The government said, will allow transfer of mining leases and sale of surplus unused minerals, leading to better efficiency in mining and production.
- Amendments will be made in the MMDR Act to remove the distinction between captive and non-captive mines.
- Captive mines will be allowed to sell surplus unused minerals, leading to better efficiency in mining and production and better conservation of the minerals.
- Introduction of joint auction of bauxite and coal mineral blocks will enhance aluminum industry”s competitiveness.
- 500 mining blocks would be offered through an open and transparent auction process by amendments to Mines and Minerals (Development and Regulation) Act MMDR Act.
About Ministry of Mines-
- 500 mining blocks would be offered through an open and transparent auction process by amendments to Mines and Minerals (Development and Regulation) Act MMDR Act.
- Headquarters – New Delhi
- Minister – Narendra Singh Tomer
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