What is mines and minerals (development and regulation) amendment act, 2015?
Answers
The act was amended by The Mines and Minerals (Development and Regulation) Amendment Act, 2015 replacing the ordinance promulgated on 12 January 2015. The amendment was proposed to bring transparency to the allocation of mining licence process by auctions.
Introduction of the Mines and Minerals (Development and Regulation) amendment act is mainly motivated to regulate the mining sectors in India. This act mainly looks into the procedures, process, and terms for acquiring a mining industry. Country's resources are generally taken care by the ministry itself and if these things are handed over to the private sectors, certain rules and regulations need to be followed up particularly in case of the deposited money, acquisition period, mineral quantity which has been taken out. Here, this amendment act, 2015 regulate these rules.