Business
Ease Of Doing Business: Coal Ministry Decriminalises 68 Provisions Of Mineral Concession Rules
Coal (Representative image)
In a bid to promote Ease of Doing Business, the Ministry of Coal has decriminalised 68 provisions of the Mineral Concession Rules (MCR), 1968.
The 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 operationalisation of mines entailing several compliances on the part of businesses.
Now, the Ministry of Coal has amended Mineral Concession Rules, 1960 (MCR) with a view to decriminalise its provisions, according to an official release.
"To further promote and boost the ‘Ease of doing business’ policy of the government, the amendment in MCR decriminalised sixty-eight (68) provisions whereas penalty has been reduced for ten (10) provisions of MCR," the Coal Ministry said in a release on Thursday (8 September).
The ministry added that 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 per cent (24 per cent) to twelve percent (12 per cent)," the ministry said.
The ministry expects that these provisions will afford the much-required economic relaxations in the coal mining sector.
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