Friday, September 30, 2011

Cabinet clears new mining bill

The Union Cabinet has today approved a new bill for mining in the country, in which the miners will have to share 26% of their profits.

The new bill which will have be presented in parliament for its approval, proposes that the coal companies must share 26% of their profits with the local folks. Other mining companies will have to share an amount equal to their royalties.

The proposal will help local communities implement ambitious development plans which could change the face of rural India like never done before, that is if the government can come up with an effective anti-corruption bill.

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