Lok Sabha passed the Offshore Areas Minerals (Development and Regulation) Amendment Bill on Tuesday. The Bill amends the Offshore Areas Mineral (Development and Regulation) Act, 2002.  The new bill regulates mining in maritime zones of India. It allows the government to reserve offshore areas that are not held under any operating right. The Bill also allows the administering authority to grant a composite licence or production lease to the government or a government company. The Bill was moved by Coal and Mines Minister Pralhad Joshi. He asserted that this amendment will ensure transparency in the auction process. Mr Joshi said, the Bill will provide a production lease under a composite licence, which will be valid for 50 years.