Mines Act - mandate clearance of Mining License by January 2017

The new Mines and Minerals (Development and Regulation) Amendment Act, 2015, has stipulated that all licences henceforth would be granted through only auctions by the respective state governments. However, if any company was issued a letter of intent by the state under the old law, the licence for that block should be granted by January 2017. If any mining proposal has been approved by a state government under the earlier law but got stuck with the Centre, the licence must be issued by January 2017.