New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    Following the Ministry of Mines' reclassification of

    Barytes, Feldspar, Mica, and Quartz as major minerals, what is the extended lease period now applicable to these minerals?
    A 12 years Correct Answer Incorrect Answer
    B 25 years Correct Answer Incorrect Answer
    C 50 years Correct Answer Incorrect Answer
    D 55 years Correct Answer Incorrect Answer

    Solution

    The Ministry of Mines' reclassification of these minerals from minor to major status places them under the regulatory framework of the Mines and Minerals (Development and Regulation) Act of 1957. According to Section 8A of this legislation, major mineral leases extend for 50 years from the grant date or until the completion of any renewal period, whichever is later. This reclassification was recommended by the Inter-Ministerial Committee on Mines & Minerals Sector under Dr. V.K. Saraswat's chairmanship.

    Practice Next

    Relevant for Exams: