Companies & Sectors
Govt amends Rule 45 to curb illegal mining

Illegal mining of minerals has been impacting various industries as well as the country’s economy, and the amendment will strengthen the monitoring mechanism for end-to-end accounting of minerals produced, traded or exported, and consumed in India

The government has amended Rule 45 of the Mineral Conservation and Development Rules (MCDR), 1988, to check illegal mining in the country.

The Ministry of Mines, after consultation with various State governments and Central ministries, has amended the above Rule to strengthen the monitoring mechanism for end-to-end accounting of minerals produced, traded or exported, and consumed in the country.

Illegal mining of minerals has been impacting various industries as well as the country's economy, as this activity has been taking place in rich mineral-producing, but poor economic states-mainly in Jharkhand, Orissa, Chhattisgarh and West Bengal.

In November last year, the Central government appointed MB Shah, retired Judge of the Supreme Court-led Commission to probe into the illegal mining of iron & manganese ore in various States, to curb illegal activities.

Mr Shah has been asked to submit a report in 18 months, and file an interim report, if required.

According to the amended Rule 45 of the MCDR, miners, traders, stockists, consumers and exporters of minerals have to be registered with the Indian Bureau of Mines within one month from the date of commencement of these rules.

Under this amended Rule, it will be compulsory to file monthly returns and annual returns inter-alia, requiring mines to submit details on production of minerals, sale of minerals, consumption of minerals and in case of traders, stockists and exporters of minerals, the source of minerals, sale/export of minerals or end-use of the same.

Failure to file returns would lead to-in case of mining leases-suspension of mining licences, and in case of traders, stockists and exporters, the licences granted by the State government, according to the amended Rule 45 of the MCDR.

The Ministry of Mines is of the view that the amended Rule 45 of MCDR will help various State governments to closely monitor the mining business across the country. The Ministry also believes that these changes will improve revenue realisation and narrow the scope for illegal mining.

After receiving reports from various States, the Centre has noticed that poor regulation of the mining sector at the field level incites illegal mining.

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Red Fort to pick up 26% stake in Ansal project

Red Fort will invest Rs200 crore in the JV, in which it will hold 26% stake and Ansal API will hold the 74% stake

Ansal Properties & Infrastructure (Ansal API) said private equity firm Red Fort Capital has agreed to pick up 26% stake in a joint venture (JV) to develop a residential township project in Gurgaon for Rs200 crore.

"Red Fort will invest a total of Rs200 crore in the JV, in which it will hold 26% stake and Ansal API will hold the remaining 74% stake," Ansal API said in a release.

The joint venture would develop a 108-acre township project adjacent to its existing 112-acre Esencia township project in Gurgaon.

Ansal API said the investment by Red Fort in the JV would be through a mix of equity and compulsorily convertible debentures (CCDs).

On Friday, Ansal API ended 0.56% down at Rs35.55 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.39% to 17,700.91.

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SAIL to expand network in rural India

SAIL plans to rope in at least two dealers in every district of the country

The Steel Authority of India Ltd (SAIL) is now giving special emphasis on expanding its scope of business in rural India, company sources said. Towards that aim, SAIL plans to rope in at least two dealers in every district of the country.

To enhance efficiency of its retail activity, they are concentrating on availability of materials in small customised lots and bundles, sources said.

To enhance product knowledge and popularise steel consumption among present and prospective buyers, SAIL has been holding frequent meetings of dealers with masons, structural engineers and architects.

SAIL has also introduced the "exclusive dealer" scheme, which has helped to strengthen the activities of the network spread across the country.

They also plan to open company-owned retail shops which will serve as model stores in terms of service, products and information.

On Friday, SAIL ended 0.06% up at Rs154 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.39% to 17,700.91.

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