{"id":307810,"date":"2024-08-20T18:43:38","date_gmt":"2024-08-20T13:13:38","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=307810"},"modified":"2024-08-20T19:25:07","modified_gmt":"2024-08-20T13:55:07","slug":"offshore-areas-mineral-trust-rules-2024","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/offshore-areas-mineral-trust-rules-2024\/","title":{"rendered":"Offshore Areas Mineral Trust Rules, 2024"},"content":{"rendered":"<p><strong>Source-<\/strong> This post on <strong>Offshore Areas Mineral Trust Rules 2024<\/strong> has been created based on the article \u201c<a href=\"https:\/\/www.business-standard.com\/industry\/news\/govt-makes-offshore-mineral-rules-stricter-but-eases-awarding-process-124081900814_1.html\" target=\"_blank\" rel=\"noopener\">Govt makes offshore mineral rules stricter but eases awarding process<\/a>\u201d published in \u201cBusiness Standard<strong>\u201d<\/strong> on 20 August 2024.<\/p>\n<h2>Why in News?<\/h2>\n<p>The government has introduced the Offshore Areas Mineral (Auction) Rules, 2024, to ensure a transparent and competitive process for auctioning offshore mineral resources.<\/p>\n<h2>About Offshore Areas Mineral Trust Rules, 2024<\/h2>\n<p>These rules provide a clear framework for exploring and sustainably developing these resources. Key aspects include:<\/p>\n<p><strong>1. Key Definitions-<\/strong> The rules <span style=\"color: #ff0000\">define important terms<\/span> like \u201cAct,\u201d \u201cChairperson of the Executive Committee,\u201d \u201cChairperson of the Governing Body,\u201d \u201cFund,\u201d \u201cGoverning Body,\u201d and \u201cTrust.\u201d<\/p>\n<p><strong>2. Membership of the Governing Body and Executive Committee-<\/strong> The Central Government to determine the composition of both the <span style=\"color: #ff0000\">Governing Body<\/span> (<span style=\"color: #ff0000\">which includes ex-officio members and special invitees<\/span>) and the <span style=\"color: #ff0000\">Executive Committee<\/span> (<span style=\"color: #ff0000\">which includes ex-officio members with voting rights<\/span>).<\/p>\n<p><strong>3. Functions of Governing Body and Executive Committee-<\/strong> The Governing Body will set policy guidelines and oversees the <span style=\"color: #ff0000\">off Shore Mineral Area Trust\u2019s<\/span> <span style=\"color: #ff0000\">operations<\/span>. The Executive Committee will manage and supervise the Trust, following the Governing Body\u2019s directions.<\/p>\n<p><strong>4. Identification of Offshore Areas-<\/strong> Offshore geological potential areas <span style=\"color: #ff0000\">to be identified by the Geological Survey of India<\/span>.<\/p>\n<p><strong>5. Offshore Areas Mineral Trust Fund-<\/strong> The \u201cOffshore Areas Mineral Trust Fund,\u201d to be managed by the Executive Committee.<\/p>\n<p><strong>UPSC Syllabus: Indian Economy<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source- This post on Offshore Areas Mineral Trust Rules 2024 has been created based on the article \u201cGovt makes offshore mineral rules stricter but eases awarding process\u201d published in \u201cBusiness Standard\u201d on 20 August 2024. Why in News? The government has introduced the Offshore Areas Mineral (Auction) Rules, 2024, to ensure a transparent and competitive&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/offshore-areas-mineral-trust-rules-2024\/\">Continue reading <span class=\"screen-reader-text\">Offshore Areas Mineral Trust Rules, 2024<\/span><\/a><\/p>\n","protected":false},"author":10366,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127],"tags":[11872,10503],"class_list":["post-307810","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","tag-9pm-daily-factly","tag-business-standard","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/307810","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\/10366"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=307810"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/307810\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=307810"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=307810"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=307810"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}