Sign In
Learn bits
Polity & Governance
Mahesh

03/08/23 05:49 AM IST

Mines and Minerals (Development & Regulation) Amendment Bill, 2023

In News
  • The Rajya Sabha has passed the Mines and Minerals (Development and Regulation) Amendment Bill, 2023 for making amendments to the Mines and Minerals (Development and Regulation) Act, 1957 (hereinafter referred to as ‘the Act’).
Provisions of the act
  • The MMDR Act, 1957 was comprehensively amended in 2015 to bring several reforms in the mineral sector, notably, mandating method of auction for grant of mineral concessions to bring transparency in allocation of mineral resources, for establishing District Mineral Foundation (DMF) for the welfare of the people and areas affected by mining and for establishing National Mineral Exploration Trust (NMET) to give thrust to exploration and for ensuring stringent penalty for illegal mining.
  • Omission of 6 minerals from the list of 12 atomic minerals specified in Part-B of the First Schedule of the Act, namely, Lithium bearing minerals, Titanium bearing minerals and ores, Beryl and other beryllium bearing minerals, Niobium and Tantalum bearing minerals and Zirconium-bearing minerals.
  • Empowering Central Government to exclusively auction mineral concessions for critical minerals specified in Part D of the First Schedule of the Act.
  • Revenue from these auctions will accrue to concerned State Government.
  • Introducing exploration licence for deep-seated and critical minerals
  • The Bill provides to remove certain minerals from the list of atomic minerals, viz. minerals of lithium, beryllium, titanium, niobium, tantalum and zirconium are technology and energy critical having use in space industry, electronics, technology and communications, energy sector, electric batteries and are critical in net-zero emission commitment of India.
  • Involvement of private agencies in exploration would bring advanced technology, finance and expertise in exploration for deep-seated and critical minerals.
Source- PIB

More Related Current Affairs View All

14 Aug

ABC of Sterilisation

'The Supreme Court has directed Delhi, Noida, Gurgaon, and Ghaziabad authorities to urgently round up and shift stray dogs to shelters, stressing the need to protect children from

Read More

14 Aug

Post and pre-matric scholarships

'The  Union government is considering revising the parental income limit for eligibility in availing post and pre-matric scholarships administered to students from marginalise

Read More

13 Aug

Working of satellite internet

'Satellite internet is revolutionizing how we connect, extending high-speed access to virtually every corner of the globe, regardless of location.' Imagine getting online from t

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps