Amendment status not verified — confirm the current text below against the official source.
(1) Every prospecting licence or mining lease granted before the appointed day under any Act of Parliament and the rules made thereunder, and in force immediately before the appointed day, shall continue to be in force until the expiry of the period of validity or termination thereof, whichever is earlier, as if such licence or mining lease were granted under the corresponding provisions of this Act and the rules made thereunder. (2) Every prospecting licence or mining lease which continues to be in force by virtue of the provisions of Sub-section (1), shall be held under the same terms, conditions and restrictions on which they were held immediately before the appointed day as if such terms, conditions and restrictions were imposed by or under the corresponding provisions of this Act or the rules made there under, and every inquiry instituted, right acquired or liability incurred, immediately before the appointed day may be continued, enforced or imposed, as the case may be, as if such inquiry were instituted, rights were acquired or liability were incurred under the corresponding provisions of this Act and the rules made there under : Provided that no person shall be subjected to a penalty greater than that which might have been ifliced under the Act of Parliament and the rules made there under as in force at the time of the commission of the offence. Termination of prospecting licence or mining lease