Ease Of Doing Business: Coal Ministry Decriminalises 68 Provisions Of Mineral Concession Rules
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.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.