Provisions of mines and minerals amendment 2015 - Indian polity and Governance
Q. Consider the following statements related to mines and minerals amendment 2015
1. A fixed percentage to the revenue of a mine will be allocated to development of the area around it, to be called a District Mineral Foundation.
2. It will introduce a system of auctions to allocate mining licenses.
Which of the above statements is/are correct? - Published on 06 May 15a. Only 1
b. Only 2
c. Both
d. None
ANSWER: Both
The bill seeks to introduce a system of auctions to allocate mining licenses. A fixed percentage to the revenue of a mine will be allocated to development of the area around it, to be called a District Mineral Foundation. The state government will set the rates and it will be in addition to the royalty. A National Mineral Exploration Trust will be set up to explore and promote non-coal minerals. It will have a starting fund of Rs 500 crore and will be funded by a 2% levy from mining license holders.
