Modi Govt to Reduce Penalty for Late Payment of Coal Royalties, Forest Diversion Rules Diluted

News Click | Ayaskant Das | 29 Jul 2022

Penalties for delayed payment of royalties will be halved; new rules allow bypassing Gram Sabhas before diverting forest lands.

New Delhi: Even as big corporate entities have queued up to acquire mining rights over coal blocks from which they can sell the extracted minerals at the highest prices, the Modi government has proposed to halve the penalty rate that is binding upon leaseholders for failing to pay their royalties in time. The existing rate of 24% interest against delay in payments of royalties or rents to the Central government against minerals extracted from coal mines will be reduced to 12%.

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