Mines And Minerals (Development And Regulation) Amendment Bill 2021

• 23 Mar 2021

• The Parliament has passed the Mines and Minerals (Development and Regulation) Amendment Bill 2021.
• The Bill seeks to amend the Minerals (Development and Regulation) Act, 1957 and provides for removal of distinction between captive and merchant mines.
• It empowers the Central Government to issue directions regarding composition and utilization of funds maintained by the District Mineral Foundation.
• The legislation provides that captive mines other than atomic minerals may sell up to 50 per cent of their annual mineral production in the open market after meeting their own needs.
• The Bill empowers the central government to specify a time period for completion of the auction process in consultation with the state government.
• Note: The Government is proposing to make National Mineral Exploration Trust NMET an autonomous and professional body, which would provide funds for exploration.