Coal Ministry Decriminalizes 68 Provisions of Mineral Concession Rules
The Government has been taking initiatives for reducing compliances for business and citizens.
Representational Image/Reuters
New Delhi: The Ministry of Coal has amended Mineral Concession Rules, 1960 (MCR) with a view to decriminalize its provisions. MCR regulates the application and grant of mineral concessions such as reconnaissance permit, prospecting license, and mining lease. These concessions are pre-requisites for development and operationalization of mines entailing several compliances on the part of businesses.
Government has been taking initiatives for reducing compliances for business and citizens. To further promote and boost the ‘Ease of doing business’ policy of the government, the amendment in MCR decriminalized sixty-eight (68) provisions whereas penalty has been reduced for ten (10) provisions of MCR.
Express provision has been introduced for adjustment of additional or shortfall royalty. Further, rate of penal interest on delayed payment of rent, royalty, fee, or other sums due to the Government has been reduced from twenty-four percent (24%) to twelve percent (12%). It is expected that these provisions shall afford the much-required economic relaxations in the coal mining sector.
Read Also : NMDC's Promising Start to FY25, Targets 50 Million TonnesNews Must Read
- NMDC's Promising Start to FY25, Targets 50 Million Tonnes
- RITES to take assessment for Vande Bharat Trains
- RBI cancels Certificate of Registration of Acemoney (India) Limited due to irregular lending practices
- Coal India Production rises by 7 percent in April
- WAPCOS became second Indian PSU in ADB Consulting
- Power Grid appoints Satyaprakash Dash as CS and Compliance Officer
- GE Power received orders from two state-owned PSUs and one JV entity
- SAIL-RITES JV bags Rs 818 crore wagon order from Indian Railways
- BHEL enters into Strategic Partnership Agreement with HIMA for Railway Signalling Business
- SJVN bids farewell to Smt. Geeta Kapur, CMD and Director (Personnel)