4. Abolition, etc., of mining concessions.—(1) Every mining concession specified in the First
Schedule shall, on and from the appointed day, be deemed to have been abolished, and shall, with effect
from that day, be deemed to be a mining lease granted under the Mines and Minerals Act, and the
provisions of that Act shall, save as otherwise provided in this Act, apply to such mining lease.
(2) Every mining concession specified in the Second Schedule shall, on and from the day next after
the date of grant of the said concession and specified in the corresponding entry in the eighth column of
the said Schedule, be deemed to have been abolished and shall, with effect from that day, be deemed to be
a mining lease granted under the Mines and Minerals Act, and the provisions of that Act shall, save as
otherwise provided in this Act, apply to such mining lease.
(3) If, after the date of assent, the Central Government is satisfied, whether from any information
received by it or otherwise, that there has been any error, omission or misdescription in relation to the
particulars of any mining concession or the name and residence of any concession holder specified in the
First or the Second Schedule, it may, by notification, correct such error, omission or misdescription, and
on the issue of such notification, the First or the Second Schedule, as the case may be, shall be deemed to
have been amended accordingly.
5. General effect of declaring the mining concessions to be mining leases.—(1) Where a mining
concession has been deemed to be a mining lease under section 4, the concession holder shall, on and
from the day mentioned in that section, be deemed to have become the holder of such mining lease under
the Mines and Minerals Act in relation to the mine to which the mining concession relates, subject to the
condition that the period of such lease shall, notwithstanding anything contained in that Act, extend up to
a period of six months from the date of assent.
(2) On the expiry of the period of any mining lease under sub-section (1), it may, if so desired by the
holder of such lease and on an application being made by him in accordance with the provisions of the
Mines and Minerals Act and the rules made thereunder, be renewed on such terms and conditions, and up
to the maximum period for which, such lease can be renewed under the provisions of that Act and the
rules made thereunder.