Follow by Email

Sunday, July 24, 2011

INDIAN MINES LOOT: CJI raises concern over flouting of mining rules!

www.greentekindika.com
FOR LIGHTER READING, Download your free copy of “My First Beer” Now with the Smashwords Summer/Winter promotion, ending July 31, 2011

PTI / The Hindu / NEW DELHI, July 24, 2011.

Voicing concern over violation of mining rules, Chief Justice of India S.H. Kapadia on Sunday suggested that there should be a price regulatory mechanism for mineral exports as several private companies in the states were flouting norms and depriving government of huge royalty.
Speaking at an international seminar on “Global Environment and Disaster Management: Law and Society” in New Delhi, Justice Kapadia said there should not just be a monitoring mechanism in charge of appraisal of mining in India but also one for pricing.
“Today, what we find, at least for over a period of last six years, that all mining plans are there but at the state level they are being flouted for some reasons. I don’t want to go for the reasons but we do not have machinery to supervise even those mining plants even for norms laid down for environment protection,” Justice Kapadia said.
He insisted that the biggest problem in the mining sector is the pricing of the minerals which are exported.
“Take the case of royalty. Time has come when the excavated minerals should be auctioned or should have price discovery mechanism. You have cross-border arms length pricing but we do not have domestic arms length pricing. The result is under invoicing,” Justice Kapadia said.


Full Story at,

No comments:

Post a Comment