{"id":270530,"date":"2023-11-22T19:29:43","date_gmt":"2023-11-22T13:59:43","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=270530"},"modified":"2023-11-22T19:29:43","modified_gmt":"2023-11-22T13:59:43","slug":"draft-mineral-auction-rules2023-single-bidder-allowed-in-second-attempt","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/draft-mineral-auction-rules2023-single-bidder-allowed-in-second-attempt\/","title":{"rendered":"Draft Mineral Auction Rules,2023: Single bidder allowed in second attempt"},"content":{"rendered":"

Source: <\/b>The post is based on the articl<\/span>e \u201cDraft Mineral Auction Rules,2023: Single bidder allowed in second attempt\u201d <\/b>published in<\/span> \u201cBusiness Standard\u201d on 22nd November 2023<\/b><\/p>\n

Why in the News?<\/b><\/h2>\n

Government of India has released the Draft Mineral (Auction) Second Amendment Rules, 2023.<\/span><\/p>\n

What are the key provisions of Draft Mineral(Auction) Second Amendment Rules, 2023?<\/b><\/h2>\n\n\n\n\n\n\n\n
Specifications<\/b><\/td>\nDetails<\/b><\/td>\n<\/tr>\n
Changes in Mining Contract Auction Rules<\/b><\/td>\n1) First round of bidding still requires a minimum of three bidders. If fewer than three technically qualified bidders, the first attempt of the auction gets canceled.
\n<\/span>2) But for second auction, the proposed amendment allows the contract to be given even if only one technical bidder participates.
\n<\/span>3) This is done to streamline the process especially when participation is limited.<\/span><\/td>\n<\/tr>\n
Prohibits affiliate bidders<\/b><\/td>\nThe rules prohibit any affiliate associated with a bidder from submitting bids in the same auction where the bidder has already placed a bid.<\/span><\/td>\n<\/tr>\n
Oversight Committee<\/b><\/td>\nThe State governments are required to establish a committee to identify suitable areas for granting exploration licenses within the state.
\n<\/span><\/td>\n<\/tr>\n
Ceiling Price<\/b><\/td>\nState governments must define the maximum percentage share known as the ‘ceiling price,’.<\/span><\/p>\n

Ceiling price is the percentage of revenue to be shared with the government. The ceiling price set by the government should not be less than 25%.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Are private players allowed in exploring minerals?<\/b><\/h2>\n

1) Recently, the Government of India gave permission for private sector involvement in exploring important and deeply embedded minerals in the country.<\/span><\/p>\n

2) Both national and international private mining companies, known as junior explorers, are allowed to take part in risky exploration ventures.<\/span><\/p>\n

3) This has been done as there is a l<\/span>ack of expertise among existing players in mining deeply embedded minerals.
\n<\/span><\/p>\n

UPSC Syllabus:<\/strong> Policies\/Environment<\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post is based on the article \u201cDraft Mineral Auction Rules,2023: Single bidder allowed in second attempt\u201d published in \u201cBusiness Standard\u201d on 22nd November 2023 Why in the News? Government of India has released the Draft Mineral (Auction) Second Amendment Rules, 2023. What are the key provisions of Draft Mineral(Auction) Second Amendment Rules, 2023?… Continue reading Draft Mineral Auction Rules,2023: Single bidder allowed in second attempt<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,1731],"tags":[11872],"class_list":["post-270530","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-bill-and-acts","tag-9pm-daily-factly","entry"],"jetpack_featured_media_url":"","views":{"total":5,"cached_at":"","cached_date":1700685869},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/270530","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=270530"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/270530\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=270530"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=270530"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=270530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}