Bonjour, new guests from small-town India
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
The Mines Ministry has made a proposal to terminate the iron ore leases of those working mines that have not started production even after lapse of 7-8 months of auction and have not maintained minimum dispatch for three consecutive quarters.
The mines ministry proposed to do so through the amendment of certain mining rules and has invited comments from the stakeholders on the same.
"The Ministry of Mines has prepared the Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession (Amendment) Rules, 2021, seeking to amend the Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession Rules, 2016," the mines ministry said.
It added that as part of the pre-legislative consultation policy, the draft amendment rules are made available. "Comments/suggestions are invited from the general public, governments of states and union territories, mining industry, stake holders, industry associations, and other persons and entities concerned, on the draft amendment rules." Several successful bidders of such working mines whose previous mining leases expired on March 31, 2020, have not started production even after lapse of 7-8 months of auction and execution of mining leases in their favour.
Further, many of the successful bidders who have started production have not maintained the production and dispatch quantity up to the level required under Rule 12A of the MCR, the ministry said.
"Accordingly, it is proposed to strengthen the norms of minimum production/dispatch through amendment of Rule 12A of the MCR Rules, 1960, in order to ensure sustained supply of mineral in the market in future," the ministry said.
It added that the Rule 12A is proposed to be amended to mandate the successful bidder to make payment equivalent to the revenue share and other statutory levies that would have been payable at the prescribed level of minimum production/ dispatch targets on a quarterly basis.
"It is also proposed to provide in the Rules that failure to maintain prescribed production level for three consecutive quarters may lead to termination of the leases," the ministry said.
Of the total 46 operating and working mines in the country whose leases expired on March 31, 2020, 24 mines are in Odisha, seven in Karnataka, six in Jharkhand, four in Andhra Pradesh, two in Rajasthan, two in Gujarat and one in Himachal Pradesh. All 24 mines in Odisha and four mines in Karnataka were auctioned last year.
Non-operationalisation of these mines has created an acute shortage of iron ore in the country, the mines ministry said.
Decline in production and dispatch of important mineral such as iron ore not only leads to spike in its market prices but also adversely affects the manufacturing of iron and steel in the country.
"It is proposed to strengthen the norms of minimum production / dispatch through amendment of Rule 12A of the MCR Rules, 1960, in order to ensure sustained supply of mineral in the market in future," it said.
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Citroen’s first vehicle sports a novel design and European interiors. It is also meant to be as comfortable as ...
The pandemic is only the tip of the iceberg that the country’s cash-poor airlines — both regional and national ...
The government is yet to specify the framework of its recently announced old vehicle scrappage policy
Here is a checklist that equips you to discern the market nuances
Sensex, Nifty 50 have witnessed sharp decline
The fund has consistently outperformed S&P BSE 100 TRI over one, three and five years
Returns are superior to immediate annuity plans, but SCSS can secure better rates for new investors sooner if ...
With the public looking beyond mainstream media for reports from the ground, independent digital platforms are ...
A book on Badri Narayan is a tribute — albeit a belated one — to an artist who did not enjoy the recognition ...
The country hasn’t had a quiet moment since the military seized power on February 1
The Tatmadaw sees itself as an embodiment of the nationalist soul of Myanmar. But their brand of nationalism ...
Its name is the starting point of a brand’s journey and can make a big difference in the success sweepstakes
Sober spirits are the in thing
A peek into where ad spends went last year and where they are headed tomorrow
Can Swiggy Instamart disrupt the ecommerce groceries space, currently ruled by the Amazons and Big Baskets? ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor