Punjab introduces new mining policy

Punjab government unveiled its new mining policy on Tuesday, aimed at bringing more transparency in the auctioning process by introducing e-auction for quarries less than five hectares. The policy has laid a cap on the maximum retail price of sand, and has plans to put it under the Essential Commodities Act to curb its hoarding. Punjab industry minister Tikshan Sud said, “Initially, we will auction around 246 ‘C’ category quarries of less than five hectares. The reserve price for auction has been fixed at Rs 14.70 crore. Instead of forward bidding, we would introduce reverse bidding, so that the price of sand cannot be escalated”.