GoM agrees on miners sharing 26 per cent profits with locals

  • 18/09/2010

  • Indian Express (New Delhi)

The Centre will soon bring an ordinance to establish a National Mines Regulatory Authority of India that will be empowered to investigate and prosecute cases of illegal mining. A group of ministers studying the draft Mines and Minerals (Development & Regulation) Bill, 2010 also reached a consensus on the Ministry of Mines proposal that requires companies to set aside 26 per cent of their profits every year for the local people displaced from the project site. In its third meeting today, the GoM chaired by Finance Minister Pranab Mukherjee also made up its mind to finalise the bill before the beginning of Commonwealth Games and introduce it in the next session of Parliament. According to government sources, since the new bill will take time in getting enacted, the Authority would be set up immediately under the existing law itself. The NMRA should be able to order inquiry on complaints pertaining to