New Mining bill Proposes 26 Percent Profit to Share
The Government has prepared a new draft Mines and Minerals (Development and Regulation) Act, 2010 which inter-alia proposes to make it mandatory for all mining lease holders including Public Sector Undertakings (PSUs) to share 26 per cent of their profits after tax with local persons and families affected by mining projects. Such a provision does not exist in the present Mines and Minerals (Development and Regulation) Act, 1957. This information was given by Minister of State for Coal, Shri Sriprakash Jaiswal in reply to a question in Rajya Sabha Today.
He said that the above draft Bill is presently under consideration of Group of Ministers (GOM). The said Bill will also be required to be passed by the Parliament before its implementation.