TEAM HERALD
PANJIM: Around 40 mining firms have been directed to pay mining royalty of around Rs 34 crore, by Directorate of Mines and Geology on Friday, an official disclosed. The mining royalty is assessed revenues, which is calculated after considering the value of minerals declared by Indian Bureau of Mines (IBM) for the financial year 2012-13.
The notices have been issued to all mining firms including VM Salgaoncar, Sesa Goa, Dempo, Chowgule
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and others.
“After detail assessment and analysis of data for the year 2012-13 and taking into account the value of IBM the company is liable to pay sum of ……..to the Directorate of Mines and Geology,” the notices served to the individual mining firms read.
“The payment has to be made within seven days or give justification if any, failing which the amount shall be collected with simple interest @24 per cent per annum in terms of Rule 64A of the Mineral Concession Rules, 1960, as arrears of land revenue,” the notice adds.
Director of Mines and Geology Prasanna Acharya said that department has undertaken an exercise to assess the royalty figures and the amount paid to the department since 2008. He said that in the first phase, fiscal 2012-13 was considered and after going through the mineral values of Indian Bureau of Mines, it was realized that the State had lost out on revenue of Rs 34 crore in the form of royalty.
“As per rules, the assessment has to be undertaken at the end of every financial year. In case of Goa it was not done since 2008 and the State suffered a loss in the form of revenue,” Acharya said.
The miner pays royalty based on the mineral value prescribed by IBM for the month prior to actual date of payment, he said adding considering the fact that the value of minerals can either increase or decrease and there is every possibility that the firm might have paid extra or less.
“The picture becomes clear at the time of assessment,” the Director added.
Mining operations have been suspended in the State but it still managed to earn Rs 279 crore in the form of mining royalty during the last financial year.
