Daily Current Affairs 2020 Govt promulgates ordinance for amendment of laws to ease coal mine auctions | Daily Current Affairs 2020

Govt promulgates ordinance for amendment of laws to ease coal mine auctions

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The Union Cabinet had recently approved the amendments which intend to open up new areas of growth in the coal and mining sector, an official statement said

The government on Saturday announced promulgation of the ordinance for amendment in the Mines and Minerals (Development and Regulation) (MMDR) Act, 1957 and the Coal Mines (Special Provisions) Act, 2015 in order to ease auction of coal mines, allow FDI and enhance ease of doing business.

The Union Cabinet had recently approved the amendments which intend to open up new areas of growth in the coal and mining sector, an official statement said.

The amendments in the laws would offer unexplored and partially explored coal blocks for mining through prospecting license-cum-mining lease (PL-cum-ML), an official statement said.

It will also lead to democratisation of coal mining sector by opening it up to anyone willing to invest, it said.

The amendments will allow Foreign Direct Investment (FDI) in the coal mining sector by removing the restriction and eligibility criteria for participation.

“Allowing of successful bidder/allottee to utilise mined coal in any of the plant of its subsidiary or holding company Attracting large investment in coal mining sector as restrictions of end use has been dropped,” the statement added.

Source: Business Standard

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