Committee agrees to allow 26% share in profit
The ruling United Progressive Alliance (UPA) government and the Bharatiya Janata Party (BJP) might be heading for a stormy winter session of Parliament but it seems the two parties have come together to get the Mines and Minerals (Development and Regulation) Bill, 2011 passed in this session. During the meetings of the members of the standing committee on mines and steel, the committee has finally agreed to allow 26% share in the profit, in the case of coal, for the development of the local area and competitive bidding of minerals. The profit share is expected to be deposited in the district level mineral foundation so that the money could be used for infrastructural development of the area.