The past history of mining in our country resulted in thousand of miles of streams clogged and polluted with sediments and acid mine drainage. Tens of thousands of acres of mined land without reclamation from surface mining, in addition to the legacies of unregulated national underground mining, which include containing subsidence of mined-out areas. With the help of MOEF surface mining and its reclamation are now developed so that effective and reasonable regulation of surface coal mining operations by the State and the Central Government in accordance with the requirements of this Act. This is an appropriate and necessary means to minimize so far as practicable the adverse social, economic and environmental effects of such mining operations. The post mine land use is not decided as per the legislation and laws incorporated by the government of India. Therefore, many thousand hectares of land has gone wasted due to unplanned and unscientific way of working. Some time the land is left after doing the preliminary reclamation works, as the fund is not available for further planning and the execution of developmental work. The beneficiary planning and execution of large developmental schemes were failure due to lack of finance and planned sectorial decisions. In India per capita land is 0.11 ha, as such every piece of land is precious for meeting the demand of growing population, therefore, the present Wasteland has to be planned properly in-order to minimize the other use of best land available (agriculture and forest land). In order to raise the fund for the development project on these above waste land the reclamation bond has been proposed through Statutory Body or Govt. Organization. This may help to promote the development work through people participation by involving their money and sharing the profit.