Synopsis

Timetrics  Indian mining fiscal regime report outlines governing bodies, governing laws, mining ownership and licenses, rights and obligations and tax-related information on 12 commodities: coal, iron ore, zinc, lead, copper, bauxite, gold, silver, chromium, manganese, diamond and uranium.

Summary

The mining industry in India is governed by Ministry of Mines, Indian Bureau of Mines (IBM) and Geological Survey of India (GSI). The Mines and Minerals (Development and Regulation) Act 1957, (MMDR) as amended up to May 10, 2012 and the Mines Act 1952, together with the rules and regulations framed under them, constitute the basic laws governing the mining sector in India. The Union Cabinet approved the proposal to introduce the MMDR Bill 2011, which would eventually replace the 1957 Act once passed by parliament.

Scope

The report outlines Indias governing bodies, governing laws, mine ownership and licenses, mining rights and obligations, key fiscal terms which includes reconnaissance fees, prospecting fees, surface and dead rents, corporate income tax, royalty, education cess, clean energy cess and more.

Key Highlights

The mining industry in India is governed by Ministry of Mines, Indian Bureau of Mines (IBM) and Geological Survey of India (GSI).
The Mines and Minerals (Development and Regulation) Act 1957, (MMDR) as amended up to May 10, 2012 and the Mines Act 1952, together with the rules and regulations framed under them, constitute the basic laws governing the mining sector in India. The Union Cabinet approved the proposal to introduce the MMDR Bill 2011, which would eventually replace the 1957 Act once passed by parliament.
The Central and the state governments are responsible for managing the mineral resources in India.
The Ministry of Coal is an authorized body and oversees the administration and development policies and strategies, non-coking coal, lignite deposits and mining operations in India. It also supervises production, demand, supply, distribution and price-related matters for coal. The ministry is also in charge of the administration of the Coal Mines Provident Fund Organization (CMPFO) and Coal Mines Welfare Organization (CMWO).
The Subsoil Law is the main law in the mining industry, providing all relevant laws and regulations regarding subsoil use in the Russian Federation. Other regional laws on subsoil are also applicable to the mining industry.