Offshore Areas Mineral Trust Rules, 2024

Source- This post on Offshore Areas Mineral Trust Rules 2024 has been created based on the article “Govt makes offshore mineral rules stricter but eases awarding process” published in “Business Standard” on 20 August 2024.

Why in News?

The government has introduced the Offshore Areas Mineral (Auction) Rules, 2024, to ensure a transparent and competitive process for auctioning offshore mineral resources.

About Offshore Areas Mineral Trust Rules, 2024

These rules provide a clear framework for exploring and sustainably developing these resources. Key aspects include:

1. Key Definitions- The rules define important terms like “Act,” “Chairperson of the Executive Committee,” “Chairperson of the Governing Body,” “Fund,” “Governing Body,” and “Trust.”

2. Membership of the Governing Body and Executive Committee- The Central Government to determine the composition of both the Governing Body (which includes ex-officio members and special invitees) and the Executive Committee (which includes ex-officio members with voting rights).

3. Functions of Governing Body and Executive Committee- The Governing Body will set policy guidelines and oversees the off Shore Mineral Area Trust’s operations. The Executive Committee will manage and supervise the Trust, following the Governing Body’s directions.

4. Identification of Offshore Areas- Offshore geological potential areas to be identified by the Geological Survey of India.

5. Offshore Areas Mineral Trust Fund- The “Offshore Areas Mineral Trust Fund,” to be managed by the Executive Committee.

UPSC Syllabus: Indian Economy