Union Ministry of Mines and Steel has proposed to create a District Mineral Foundation (DMF) in every district affected by mining, which will be funded by an additional levy related to royalty.
The information was given to Shantaram Naik in the Rajya Sabha on Wednesday by Minister of State for Mines and Steel Visnu Deo Sai in a written answer.
The Ministry has proposed to use the funds for the benefit of persons affected by mining as also for the rebuilding of infrastructure in mining affected areas.
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The Ministry of Mines has prepared a draft of the Mines and Minerals (Development and Regulation) (Amendment) Bill, 2014 seeking to amend the Mines and Minerals (Development and Regulation) Act, 1957, minister said.
The Minister has further stated that the draft Bill is presently put-up on the website of the Ministry of Mines inviting comments/suggestions as part of the pre-legislative consultation process, and that on the basis of the comments/suggestions received from the general public, State governments, and stakeholders, the
draft Bill will be finalized in consultation with the Department of Legal Affairs.
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Mr. Naik told The Hindu on Thursday that the Minister informed the floor that the thrust of the Bill would be to ensure: (i) improved transparency in the allocation of mineral resources, (ii) obtaining for the government its fair share of the value of such resources; (iii) attracting private investment and the latest technology; and (iv) eliminating delay in administration, so as to enable expeditious and optimum development of the mineral resources of the country.