Highlights of Draft Mining Bill-VRK100-05Oct2011

Highlights of the Draft Mining Bill:

Ø      As per the proposed draft Mining Bill, coal companies will have to share 26 per cent of their net profits with the project-affected people

Ø      Mining companies of iron ore and other minerals have to set aside an amount equal to the royalty paid to the states

Ø      An amount of Rs 10,000 crore may accrue annually from the above

Ø      This money will be spent for the welfare of tribal people in project areas 

Ø      The proposed bill has adversely impacted the share prices of mining companies, like, Coal India, Sesa Goa, NMDC, etc.

Land Acquisition Bill-VRK100-05Oct2011

Highlights of Land Acquisition Bill

Government of India has come out with a draft Land Acquisition Bill which aims to provide better market values to land owners and to safeguard the livelihoods of the project-affected people. The salient features of the Bill are:

Ø      Government will not acquire land for private companies

Ø      In urban areas, land owners will get a minimum compensation of twice the market value

Ø      In rural areas, land owners will get a minimum compensation of four times the market value

Ø      A comprehensive rehabilitation package for land owners and the landless people affected by the project

Ø      The Bill will enjoy primacy over specialized legislations