The fund will be a reserve for 10 percent of the sale proceeds out of the e-auction of already mined ore and 10% of future sale or export price of iron ore from Goa.
Economic Development Corporation Ltd will manage the deposits and pay such interest on the deposits at the rate to be mutually agreed by the government and EDC. The EPF rate is to be taken as a base to decide on the interest.
According to the notification issued by secretary mines Pawan Kumar Sain, the contribution to the fund will be from 10% of the sale proceeds of the mineral ore sold by means of e-auction conducted and 10% of sale value of the mineral extracted, in other cases.
“For the purpose of determining the sale value, the Freight On Board price less export duty paid or 2/3rd of royalty (calculated with 15% royalty as base and which may deviate based on changes or revision of royalty charges), whichever is higher, shall be considered,” the notification said.
The fund will be utilized for restoring the ecology damaged by mining, including tree plantation in mining affected talukas, providing health and education facilities, building road or bridge networks, desilting of water bodies including dams, rivers, installation of pollution control devices, sewage treatment plants, providing required “interventions”.
The scheme also speaks about social welfare schemes for the aged, women, children, specially-abled persons, unemployed youth, public housing scheme and the like. It also says that “efforts shall be made to utilize at least 60% of the fund in the mining talukas.”
in which mining is carried out and such talukas shall be decided by the government.”
The fund is also supposed to provide alternate employment for the people residing in mining talukas and residing in talukas used for transportation of minerals, compensate families impacted by mining directly through a scheme approved by the government, and to provide compensation due to loss of life or property due to attacks from wildlife or other natural disasters.
The projects are intended to be executed through Public Works Department, Water Resources Department, Forest Department, River and Navigation Department, Agriculture Department, Department of Animal Husbandry & Veterinary Services, Goa State Infrastructure and Development Corporation or any other Departments of the Government of Goa, as per the directions and decision of the Committee.
