The Punjab government on Thursday decided to grant mining contracts through progressive bidding, in a move that is expected to boost government revenue and curb illegal mining.
The decision on re-auction of mines through progressive bidding was taken at a meeting of the Cabinet led by Chief Minister Amarinder Singh.
“Following the decision, contractors of mines auctioned through reverse bidding process would be given their advance profit for the balance term of their contracts. A total of Rs.11 crore is expected to be paid out for this purpose,” an official spokesperson said.
The Cabinet also approved a new legislation that makes fraudulent practices by financial establishments a non-bailable offence, inviting up to 10 years of imprisonment with provisions for attachment of property.
The spokesperson said the Punjab Protection of Interests of Depositors’ (in Financial Establishments) Bill, 2018, has been brought in following several complaints of fraud received by the State government, the Reserve Bank of India and the Securities and Exchange Board of India.
The Cabinet also approved the release of funds to private educational institutions under the Post-Matric Scholarship for Scheduled Castes to private educational institutions.
