NEW DELHI:
Paving the way for auction of iron ore and other mines, Parliament today cleared the Mines and Minerals Bill after days of high drama, as some Opposition parties broke ranks from Congress and Left in Rajya Sabha to support this key reform measure of the Government.
States are likely to launch the auction process in June for allocation of mines, having iron ore and other minerals, following the passage of this Bill, which has incorporated amendments suggested by a parliamentary panel, would now replace an Ordinance promulgated in December last.
Finance Minister Arun Jaitley said that the new law would enable “computerised allocation” of the mines, while checking corruption and any discriminatory allocation systems, while Steel and Mines Minister Narendra Singh Tomar said it would bring in a “revolutionary change” in the beleaguered sector.
The estimated revenue proceeds could not be immediately ascertained for the auction, for which states have so far identified over 100 mines, containing as many as 10 minerals like iron ore, bauxite and others, for the first phase. In all, 199 mines have been identified so far.
The Mines and Minerals (Development and Regulation) Amendment Bill, 2015, was passed by the Rajya Sabha earlier in the day with 117 members voting in favour and 69 against it. Later it was approved by the Lok Sabha within 20 minutes. (AGENCIES)
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