Cabinet approves amendment in the Mines and Minerals Act

November 15th, 2007 - 10:47 pm ICT by admin  

New Delhi, Nov 15 (ANI): The Union Cabinet today gave its approval for introduction of an amendment Bill of the Mines and Minerals (Development and regulation) Act, 1957 in the Rajya Sabha during the Winter Session of the Parliament.
The Bill when enacted would introduce auction through competitive bidding as a selection process for allocation of coal blocks for captive mining for specified or notified end uses.
This will make allocation of coal blocks not only objective but also transparent, a government release claimed.
The Cabinet gave its approval for moving a resolution by the Minister of Railways in both the Houses of Parliament for adoption of the recommendations of the Railway Convention Committee (2004)’s Sixth Report.
The Cabinet today also gave its approval for increasing the authorized capital of India Tourism Development Corporation from Rs. 75.00 crore to Rs. 150.00 crore by creating 7.5 crore equity shares worth Rs. 10/- each.
The increase in the authorized capital would enable ITDC to renovate its hotels, so as to make them commercially competitive in this field, the government stated. (ANI)

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