MINING RULES 2016 RELAXED Govt extends Letter of Intent validity to facilitate bidders

MINING RULES 2016 RELAXED 
Govt extends Letter of Intent validity to facilitate bidders
Image for representational purpose only.File/ GK

Jammu: The government on Wednesday, in relaxation of Jammu and Kashmir Minor Mineral Concession, Storage, Transportation of Minerals and Prevention of Illegal Mining Rules, 2016, as a one-time exemption, extended the validity of Letter of Intent (LoI) to facilitate successful bidders.

However, it was specified that this extension, in no case, would exceed 3 months.

As per GAD order, the Director Geology and Mining, J&K was authorised to seek applications from the interested successful bidders seeking extension in validity of LoI within 21 days from the date of its (LoI’s) expiry i.e August 31, 2021 on the prescribed format.

The authorization was made as a one-time exemption, in relaxation of Rule 55(9) of the Jammu and Kashmir Minor Mineral Concession, Storage, Transportation of Minerals and Prevention of Illegal Mining Rules, 2016, notified vide SRO 105 of 2016 read with S.O 137 of 2021 dated April 16,2021.

The Director would consider such applications submitted by the successful bidders seeking extension in validity of LoI on case-to-case basis for a stipulated time period that in no case would exceed 3 months, the order specified.

He would collect the remaining 50 percent bid amount from the successful bidder within 15 days of the extension in validity of LoI, if granted, the order mentioned.

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