New Delhi: A bill to allow transfer of captive mines from one allottee to another without auction was passed by Parliament today, a move that will enable banks and financial institutions to sell stressed assets to recover debts.

Mines Minister Narendra Singh Tomar said in Rajya Sabha that the Mines and Minerals (Development and Regulation) Amendment Bill, 2016 is in the larger interest of workers and that the provision was not intended to benefit any industrial house.

The bill was later approved by the House. Lok Sabha had passed the bill on March 16. Read more