President Mukherjee gives nod to Land Acquisition Bill

President Pranab Mukherjee has given his assent to the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Bill- 2013.

The Bill has now become law. The Bill was passed in the recently-concluded Monsoon Session of Parliament.

The Bill was passed by both Houses of Parliament with overwhelming majority.

The new Bill proposes that farmers and landowners be paid up to four times the market value for land acquired in rural areas, and two times the market value in urban areas.

The other significant aspect of the Bill is that the consent of 80 percent of landowners is needed for acquiring land for private projects and of 70 percent landowners for public-private projects.