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...

KEY TRENDS   • Section 105 of the Right to Fair Compensation and Transparency in the Land Acquisition, Rehabilitation and Resettlement Act, 2013, which provides for excluding 13 Central legislation, including Land Acquisition (Mines) Act 1885, Atomic Energy Act, 1962, Railway Act 1989, National Highways Act 1956 and Metro Railways (Construction of Works) Act, 1978, from its purview, has been amended for payment of compensation with rigours $ • The amendments have now...

Is it possible to operate hundreds of illegal mines in India for years on end without being detected or prosecuted? And can their illegal operations be legitimised in one stroke and turned into "legit" business without anyone being booked for the stealthy extraction of millions of tonnes of precious ore? If the questions pertain to Orissa, the answer to both questions is yes. The Supreme Court-appointed Central Empowered Committee (CEC)...