Mining Bill cleared, firms to share 26% profits with locals
The Union Cabinet cleared the draft mining bill aimed at regulating mining activities Friday. The bill proposes a profit-sharing system and bidding of mining rights. It will mandate coal companies to provide 26 per cent of post-tax profit for the welfare of affected people, a move intended to benefit mostly tribals. Coal India slumped 3 per cent post the decision and was the top loser on the 30-stock Sensex.
