New Mines and Minerals Act being finalised

New Delhi: Congress president Sonia Gandhi on Tuesday said that the UPA Government is in the process of finalizing a new Mines and Minerals Act.

Gandhi said she believed the new act would secure for local people and communities a direct stake in projects in their areas.

The Mines and Minerals (Development and Regulation) Act, 2010 is to provide for the scientific development of mines and minerals under the control of the Union and the regulation of activities connected therewith.

This Act may be called the Mines and Minerals (Development and Regulation) Act, 2010. It extends to the whole of India.

Through this new law, the government is also expected to introduce a clause that would make it mandatory for mining companies to share profits and in some cases giving equity to workers and project affected locals.

Experts feel that this would be a welcome step for India's mining society.

However, if implemented, the private miners may vehemently oppose this proposal as they pay huge taxes and royalties to the government. (ANI)