English Release 25-November 2014
Ministry of Mines 14-December, 2012 16:25 IST
|Implementation of Objectives of EITI |
|Extractive Industries Transparency Initiative [EITI] is a globally developed standard for extraction of natural resources to promote revenue transparency at the local level. India is not a signatory to the EITI. However we have an elaborate legal and constitutional framework to manage mineral sector as indicated below: |
(i) The mineral sector is guided in terms of a Government approved National Mineral Policy, 2008.
(ii) The mining operations are regulated in terms of a Mines and Minerals (Development and Regulation) [MMDR] Act 1957 framed by the Parliament.
(iii) The State Governments, as owners of minerals, grant mineral concessions and collect royalty, dead rent and fees as per the provisions of MMDR Act 1957.
(iv) The royalty and dead rent revenues collected by the State Government accrue to the Consolidated Fund of State Government concerned and are then appropriated for public spending through a budgetary process which has to be approved by the Legislative House of the State Government concerned.
This information was given by the Minister of Mines, Shri Dinsha Patel in a written reply to a question in Lok Sabha today.
(Release ID :90707)