New Delhi, Mar 13 (UNI) The Union Cabinet today gave in principal approval to the National Mineral Policy, 2008, which is expected to bring in FDI worth 250 million dollars per annum in the mining sector by the end of five years.
Approval was also give for setting up an independent dispute resolution mechanism called Mining Administrative Appellate Tribunal (MAAT) within six months, an official spokesperson said after the Cabinet meeting.
An amendment Bill will be introduced during the current Budget Session for bringing about suitable amendments in the Mines and Minerals (Development and Regulation) Act, 1957, the MCR Rules, 1960 and MCDR, 1988 to give effect to the new Mineral Policy.
The new policy was recommended by a high-level committee together with the modifications on the basis of consultations with State Governments, inter-ministerial consultations and in line with the recommendations of the Group of Ministers.
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