Govt decriminalises 68 provisions of Mineral Concession Rules, 1960

New Delhi: The Ministry of Coal has amended Mineral Concession Rules, 1960 (MCR) with a view to decriminalise its provisions. MCR regulates the application and grant of mineral concessions such as reconnaissance permit, prospecting license, and mining lease. These concessions are pre-requisites for the development and operationalisation of mines entailing several compliances on the part of businesses.

"The government has been taking initiatives to reduce compliances for business 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," said an official statement released by the Ministry of Coal on Thursday.

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

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)