Mr Sriprakash Jaiswal Indian minister of state for coal informed in Rajya Sabha that the government has prepared a new draft Mines and Minerals Act, 2010 which inter alia proposes to make it mandatory for all mining lease holders including public sector undertakings to share 26% of their profits after tax with local persons and families affected by mining projects.

Such a provision does not exist in the present Mines and Minerals Act 1957.

He said that the above draft bill is presently under consideration of Group of Ministers. The said bill will also be required to be passed by the Parliament before its implementation.