CURRENT AFFAIRS

Detailed explanation-1: -The Mines and Minerals (Development and Regulation) Amendment Bill, 2016 was introduced in Lok Sabha on March 16, 2016. The Bill amends the Mines and Minerals (Development and Regulation) Act, 1957.

Detailed explanation-2: -The Act was amended in 2015 to usher in new regime of granting mineral concessions through auction to ensure transparency and non-discrimination in allocation of mineral wealth of the country. To give further impetus to the mineral sector, the Act has been further amended in 2021.

Detailed explanation-3: -The Mines and Minerals (Development and Regulation) Amendment Bill, 2021 was introduced in Lok Sabha on March 15, 2021. The Bill amends the Mines and Minerals (Development and Regulation) Act, 1957. The Act regulates the mining sector in India.

Detailed explanation-4: -and Minerals (Regulation and Development) Amendment Act, 1972 (56 of 1972) shall not be liable to pay any royalty in respect of any coal consumed by a workman engaged in a colliery provided that such consumption by the workman does not exceed one-third of a tonne per month.]

Detailed explanation-5: -This act forms the basic framework of mining regulation in India. This act is applicable to all mineral except minor minerals and atomic minerals. It details the process and conditions for acquiring a mining or prospecting licence in India. Mining minor minerals comes under the purview of state governments.