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New Delhi, July 28 The new mining policy, which is likely to be tabled during the winter session of Parliament, proposes to allow companies to mine gold and diamonds with a single licence.

“India has huge gold and diamond reserves and to allow more companies to participate in the exploration of these minerals, the Ministry proposes to allow single licence for gold and diamond exploration,” the Union Minister of State for Mines, Dr T. Subbarami Reddy, said at the International Gold Summit organised by Assocham here on Saturday.

The Ministry also said that the new policy would require bullion explorers to have one transferable licence from the Government to start mining an help save around Rs 1,40,000 crore per year which is spent on the import of gold and diamonds.

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