NEW DELHI, Feb 20:
The Cabinet on Tuesday approved the methodology for auction of mines or blocks for sale of coal under the Coal Mines (Special Provisions) Act and the Mines and Minerals (Development and Regulation) Act.
The opening up of commercial coal mining for private sector is the most ambitious coal sector reform since the nationalisation of this sector in 1973, an official statement said.
The decision was taken at the Cabinet Committee on Economic Affairs meeting chaired by Prime Minister Narendra Modi.
In 2014, the Supreme Court had cancelled 204 coal mines or blocks allocated to the various government and private companies since 1993 under the provisions of Coal Mines (Nationalisation) Act, 1973.
To bring transparency and accountability, the Coal Mines (Special Provisions) Bill 2015 was passed by the Parliament which was notified as an Act in 2015.
The methodology gives highest priority to transparency, ease of doing business and ensures that natural resources are used for national development. (UNI)
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