The Ministry of Coal said on Thursday it has amended Mineral Concession Rules, 1960 (MCR) with a view to decriminalise its provisions that would help improve India's ranking in ease of doing business.
Mineral Concession Rules regulates the application and grant of mineral concessions such as reconnaissance permit, prospecting license, and mining lease. These concessions are pre-requisites for the development and operationalisation of mines entailing several compliances on the part of businesses.
The government has been taking initiatives for reducing compliances for businesses and citizens. To further promote and boost the 'ease of doing business' policy of the government, the amendment in MCR decriminalised 68 provisions whereas the penalty has been reduced for 10 provisions of MCR, the Ministry of Coal said in a statement.
Express provision has been introduced for adjustment of additional or shortfall royalty. Further, the rate of penal interest on delayed payment of rent, royalty, fee, or other sums due to the Government has been reduced from 24 per cent to 12 per cent.
"It is expected that these provisions shall afford the much-required economic relaxations in the coal mining sector," the ministry said.
( With inputs from ANI )
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