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LATEST NEWS UPDATES | Mines: 26 p.c. of profit for affected people

Mines: 26 p.c. of profit for affected people

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published Published on Sep 18, 2010   modified Modified on Sep 18, 2010

The Group of Ministers, headed by Finance Minister Pranab Mukherjee, on Friday cleared the draft mining bill, which makes it mandatory for miners to share 26 per cent of their profits with the people affected by their projects.

“It is largely approved. One more sitting of the GoM remains, and after which it will go to the Cabinet. Whatever we have suggested has by and large been approved,” Union Minister for Mines B.K. Handique told journalists after the meeting.

Senior officials said the Union Ministry of Mines would work on the final draft.

The bill proposes a fund, District Mineral Foundation, and the beneficiaries will be paid out of it.

— PTI


The Hindu, 18 September, 2010, http://www.hindu.com/2010/09/18/stories/2010091863410100.htm


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