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Ministry of Coal Decriminalizes 68 Provisions of Mineral Concession Rules, 1960

in Business September 8, 2022 Comments Off on Ministry of Coal Decriminalizes 68 Provisions of Mineral Concession Rules, 1960 238 Views

Newdelhi:8/9/22:The Ministry of Coal has amended Mineral Concession Rules, 1960 (MCR) with a view to decriminalize its provisions. MCR regulates the application and grant of mineral concessions such as reconnaissance permit, prospecting license, and mining lease. These concessions are prerequisites for development and operationalization of mines entailing several compliances on the part of businesses.

The government has been taking initiatives for reducing compliances for businesses and citizens. To further promote and boost the ‘Ease of doing business policy of the government, the amendment in MCR decriminalized sixty-eight (68) provisions whereas penalty has been reduced for ten (10) provisions of MCR.

Express provision has been introduced for adjustment of additional or shortfall royalty. Further, rate of penal interest on delayed payment of rent, royalty, fee, or other sums due to the Government has been reduced from twenty-four percent (24%) to twelve percent (12%). It is expected that these provisions shall afford the much-required economic relaxations in the coal mining sector.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.
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