The Ministry of Coal (MoC) on September 07, 2022 has issued the Mineral Concession (Amendment) Rules, 2022 to further amend the Mineral Concession Rules, 1960. This has come into force on September 07, 2022.
The following has been amended namely: -
• Rule 64A which states how the fees and deposit is to be made has been amended namely:
1. The government shall now charge simple interest at the rate of 12% per annum which was earlier 24%
2. The time frame of the sixtieth day has been omitted
• In Rule 64B the following proviso has been added namely: -
“Provided further that any royalty paid under the first proviso shall be subject to adjustment on the basis of- (a) final declaration of the grade of run-of-mine coal or lignite after sampling; or (b) final declaration of the National Coal Index of the relevant basket of coal grade or National Lignite Index, as applicable, on the date of dispatch or consumption, as the case may be, and payment of shortfall royalty to the lessor or refund of additional royalty to the lessee shall be made based on such adjustment.”
• Chapter XI which states Penalty has been substituted
Please refer to the notification to view further amendments
[Notification No. G.S.R. 684(E)]
