Centre speeds up mineral exploration body launch
22 Aug 2015 8:28 AM IST
The trust will be headed by the minister of mines. At present, mining exploration work is undertaken mainly by GSI, Mineral Exploration Corporation (MECL), Atomic Mineral Directorate of Exploration, Department of Atomic Energy and State Directorates of Mining.
The government has decided to include more entities in the exploration work such as NMDC, SAIL and MOIL, a move that will help India tap potential in this area more efficiently. The objective of NMET is to use the funds accrued to the Trust for the purposes of regional and detailed exploration in such manner prescribed by the Central Government.
As per the NMET norms, the trust will have a governing council as its apex body that will have the Mines Minister as the Chairman. There will also be an executive committee, headed by the union mines secretary, to look after the day-to-day functioning of the trust. As per the government notification: “Governing body will lay down the broad policy framework for the functioning of the trust and review its working. Executive Committee shall manage, supervise and administer the trust and shall also monitor and review <g data-gr-id="26">expenditure</g> of the trust...”
Besides the mines minister, the governing body will have petroleum minister, coal minister, minister of state for mines, five state mines minister by rotation, union mines secretary and special invitees. Executive Committee will comprise of a Joint Secretary level officers from the Department of Atomic Energy, Coal, Petroleum, Mines, Director General of Geological Survey of India, Controller General of Indian Bureau of Mines among others.
For funds, the Mines and Minerals (Development and Regulation) Amendment Act, 2015 says:
“The holder of a mining lease or a prospecting licence-cum-mining lease shall pay to the Trust, a sum equivalent to two per cent of the royalty paid in terms of the Second Schedule, in such manner as may be prescribed by the Central Government.”
Govt to ensure safeguard duty on steel
<g data-gr-id="94">Decision</g> regarding <g data-gr-id="82">imposition</g> of safeguard duty on import of steel will not be delayed if the Directorate General of Safeguards recommends restrictive duty, Revenue Secretary Shaktikanta Das said on Friday. Indian steel industry has been hit hard due to <g data-gr-id="81">cheap</g> import of the metal from China and devaluation of Yuan has further aggravated the situation. While the government increased import duty on steel by 2.5 <g data-gr-id="76">per cent</g> last week, some industry players have approached Directorate General of Safeguards for <g data-gr-id="80">imposition</g> of safeguard duty on the import. “Already in steel, as far as I know, some applications have been filed and those are under consideration of DG Safeguards.
He has to examine the applications. They will be examined very expeditiously. “There will not be any delay in this matter and as soon as a report comes (from DG Safeguards), the government will take a decision on this matter,” Das told reporters on the sidelines of a PHD function here.
The secretary further said that safeguard duty is not related to some other country’s currency devaluation and is linked to a sudden surge in import. When asked if there is a case for safeguard duty, Das said he cannot pass a judgement. “DG Safeguards is the competent authority. He has to examine the entire matter based on statistical evidence. Once the DG concludes the investigation and gives the report, then <g data-gr-id="73">only</g> government will take a decision,” he said.
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