Coal ministry slashes interest on late payment of royalty and rent

The government has reduced the rate of interest levied on delayed payment of royalty, rent and fee from coal mines, a move that would give a fillip to ease of doing business.

The coal ministry has amended the Mineral Concession Rules, 1960 (MCR) aimed at decriminalising its provisions.

The Centre has been taking action in a bid to reduce compliances for business and citizens, the coal ministry said in a statement.

“To further promote and boost the ‘Ease of doing business’ policy of the government, the amendment in MCR decriminalised 68 provisions whereas penalty has been reduced for 10 provisions of MCR,” it said.