Share in profits for tribal areas in new mining bill

The natural wealth with which much of tribal India is endowed is also its bane. […] The Adivasi is wedged between the state programme for development, meaning mines, dams, steel plants and roads, and a private agenda for quick money, which is currently termed ‘real estate’.

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The Union Cabinet on Friday approved the landmark Mines and Mineral Development and Regulation (MMDR) Bill, 2011 that provides for mining companies to keep aside 26 per cent of their net profits for a Mineral Development Fund to be used for the development and rehabilitation of project-affected people in tribal areas. For the non-coal companies, the amount will be equivalent to the royalty they pay. […]

The MMDR Bill will replace a 54-year-old legislation governing the sector. The Bill seeks a complete and holistic reform in the mining sector with provisions to address issues relating to sustainable mining and local area development, especially families impacted by mining operations.

Source: “Share in profits for tribal areas in new mining bill” by Sujay Mehdudia, The Hindu, September 30, 2011
Address : https://www.thehindu.com/news/national/article2500154.ece?homepage=true
Date Visited: 19 December 2020

Shares of mining companies today ended on a mixed note, with Coal India (CIL) plunging over 5 per cent after the government approved the new Mining Bill that calls for them to share profits and an amount equivalent to royalty with the project-affected people. […]

The Bill is likely to be tabled in Parliament in the Winter Session.

Mines and Mineral Development and Regulation (MMDR) Bill, 2011, has provisions for 26 per cent profit-sharing by coal miners and an amount equivalent to royalty to be paid by other mineral mining firms with project-affected people.

Source: The Hindu : Business / Markets : Mining companies end on mixed note as govt. approves new Bill
Address : https://www.thehindu.com/business/markets/article2500746.ece
Date Visited: 19 December 2020

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