The Hindu Business Line : Cabinet clears mines Act amendment Bill

The Bill seeks to introduce auction through competitive bidding as the process for allocation of coal blocks for captive mining for specified and notified end users.

Our Bureau

New Delhi, Nov 15 In a move that would make the allocation of coal blocks more objective and transparent, the Union Cabinet gave its approval for introduction of an amendment Bill to the Mines and Minerals (Development and Regulation) Act 1957.

Briefing presspersons after the meeting of the Union Cabinet, the Minister for Parliamentary Affairs and Information and Broadcasting, Mr Priyaranjan Dasmunsi, said that the Bill seeks to introduce auction through competitive bidding as the process for allocation of coal blocks for captive mining for specified and notified end users.

The amendment Bill is to be introduced in the Rajya Sabha during the ongoing winter session which started on Thursday.

The Cabinet also approved the doubling of the authorised capital of the state-owned India Tourism Development Corporation to Rs 150 crore by creation of 7.5 crore equity shares worth Rs 10 each.

The Minister said that the increase in the authorised capital would enable the corporation to renovate its hotels. The corporation is running hotels and restaurants at various places for tourists, besides providing transport facilities.

In addition, the corporation is engaged in production, distribution and sale of tourist publicity literature and providing entertainment and duty free shopping facilities to tourists. It has diversified into new avenues like full-fledged money changer (FFMC) services, engineering related consultancy services among others.

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