The President has
given his assent to the Offshore Areas Mineral (Development
and Regulation) Bill, 2002. With this, the Bill passed during
the Winter Session of Parliament ending December 20, 2002, has
been notified in the Gazette of India as Act No. 17 of the year
2003.
The Offshore Areas
Mineral (Development and Regulation) Act, 2003, seeks to provide
for development and regulation of mineral resources in the territorial
waters, continental shelf, exclusive economic zone and other
maritime zones of India. It provides for stringent punishment
of five years with or without a fine of rupees fifty thousand
for unauthorized reconnaissance operation, exploration operation
or production in offshore area. The punishment for not furnishing
information and document is three years or with fine upto rupees
twenty-five thousand. The punishment for unauthorized possession
of offshore minerals is three years or with fine which may extend
to rupees fifty lakhs.
The Act will come
into force from a date to be notified by the Government in the
Ministry of Mines.
