New Delhi, Sep 8 The Coal Ministry has amended Mineral Concession Rules, 1960 (MCR) to decriminalise its provisions. While 68 provisions of MCR have been decriminalised, penalty has been reduced for 10 provisions, official sources said.
In addition to this, express provision has been introduced for adjustment of additional or shortfall royalty.
Also, the rate of penal interest on delayed payment of rent, royalty, fee or other sums due to the government has been reduced from 24 per cent to 12 per cent.
It is expected that these provisions would provide the much-required economic relaxations in the coal mining sector.
MCR regulates the application and grant of mineral concessions such as reconnaissance permit, prospecting license, and mining lease.
These concessions are essential for development and operationalisation of mines, entailing several compliances on part of businesses, official sources said.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor