The decision was taken by the Cabinet Chaired by Prime Minister Narendra Modi.
Coal and Mines Minister Pralhad Joshi said that amendment will boost the ease of doing business, influx in coal sector and willingness of investment.
The Cabinet also approved a proposal to provide Rs. 5,559 crore viability gap funding for building a 1,656 km gas grid in the Northeast region at a cost of Rs. 9,256 crore.
The Cabinet also give its approval to conferring status of Institution of National Importance to cluster of Ayurvedic institutions at Gujarat Ayurved University campus in Jamnagar.