Team Herald
PANJIM: Almost six year after the Supreme Court ordered the creation of a permanent fund for the protection of intergenerational equity through the sale of iron ore, the Goa government has finally set up a Goa Mineral Ore Permanent Fund Trust, wherein 10 per cent of the sale proceeds of minerals sold by e-auction and pit mouth sale value will be deposited towards the welfare of people from the mining belt as well as for restoration of the affected areas.
The government, while clarifying that no amount of the fund will be utilised for any purpose other than towards the affected people and areas, has also said that the 10 per cent of the balance fund can be used in case of disaster emanating from mining related activities or any unforeseen disaster such as pandemic, epidemic and any natural calamity.
In a notification issued on June 10, a Governing Body under the chairmanship of the Chief Minister has been formed to manage the affairs of the trust, while an Executive Committee under the Chief Secretary will assist the Governing Body.
Mines Director Vivek HP said that through its order dated April 21, 2014, the Apex Court had directed creation of a permanent fund for protection of intergenerational equity by reserving 10 percent of the sale proceeds out of the e-auction and 10 percent of future sale/export price of iron ore from the State.
The State government in consultation with the Supreme Court’s Central Empowered Committee (CEC), drafted the Goa Mineral Ore Permanent Fund Trust scheme.
