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  1. Keep royalty on minerals at 10%, FIMI tells govt

Keep royalty on minerals at 10%, FIMI tells govt

MMDRA Act mandates miners of iron ore, bauxite, limestone and manganese to pay up to 100% of the royalty on the mineral.

By: | New Delhi | Updated: August 23, 2015 8:12 AM
mines bill

Notified in March, the MMDRA Act mandates miners of iron ore, bauxite, limestone and manganese to pay up to 100% of the royalty on the mineral as their contribution towards DMF (Reuters)

Even as the Mines and Minerals (Development and Regulation) Amendment Act has prescribed for up to 100% royalty as miners’ contribution to the proposed District Mineral Foundation (DMF), the Federation of Indian Mineral Industries (FIMI) on Saturday said it has requested the government to keep it at 10% for both new and existing mines.

Notified in March, the MMDRA Act mandates miners of iron ore, bauxite, limestone and manganese to pay up to 100% of the royalty on the mineral as their contribution towards DMF, which is meant to support the project-affected people. On other hand, the DMF outgo on firms that would get fresh mining lease (through the auction route) will not exceed 33% of the royalty.

“The Indian mining industry is already among the highest-taxed in the world. More taxes would mean that the price of end product would be higher as a result of which consumers would suffer,” FIMI president H Noor Ahmed said.

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