Amid a furore over 26 per cent profit-sharing with locals under the proposed new mining law and demands for watering down the provision for PSUs, the Mines Ministry today said its final draft will go with the recommendations of the Group of Ministers. "Based on the discussion of the Group of Ministers (GoM), the final draft of the new mining bill is being prepared by the Mines Ministry and will be...

Existing and prospective industry and mining players of Jharkhand are apprehensive about the draft mining bill, which seeks to make them share 26 per cent of profits with locals. A group of ministers (GoM) approved the draft bill on September 17. Speaking to The Telegraph, Jindal Steel & Power Limited’s (JSPL) senior deputy general manager (corporate affairs) V.P. Sharan said: “The proposed clause — sharing profits with local people — sounds...

It approves 26 per cent share in profits for local people The draft bill proposes setting up of a fund to pay beneficiaries Final legislation likely to be introduced in the Winter Session of Parliament The Group of Ministers (GoM), headed by Union Finance Minister Pranab Mukherjee, on Friday approved the new Mining Draft Bill, including the provision that mining companies share 26 per cent of profits with local people affected by their...

In an apparent reference to former Chief Vigilance Commissioner (CVC) Pratyush Sinha’s recent comment regarding his “thankless” job, Union Law and Justice Minister M Veerappa Moily on Monday said senior officers weren’t expected to make such statements. Sinha had observed at an interview last week that the worst part of his “thankless” job was observing how corruption had increased as people became more materialistic. “I don’t want to name anyone, he...

Mayawati's quick reflexes after the setback over land acquisition in Aligarh has put Congress in a spot, with the Centre fearing it may be dubbed the villain for farmers' woes if it does not prevail upon Trinamool Congress to relent on the bills for Land Acquisition amendment and R&R. After Uttar Pradesh brought its liberal Resettlement and Rehabilitation policy to win over farmers riled by "low land rates" for Yamuna...