Goa Mines Asked to Pay Rs 34 Crore Royalty in 7 Days

A total of 40 mining firms located in Goa have been asked by Goa Mines and Geology Department to pay a total royalty of Rs 34 crore in seven days time after mining royalty assessment.

Few names are Sesa Goa, Dempo, V L Salgaoncar and Bro, Chowgule and others, will be charged a 24% interest per annum if fail to do so timely; notice issued under Mineral Concession Rules, 1960.

Mining royalty of Rs 279 crore was paid by mines since September 2012, though there was ban on extraction and exports of the mineral.

The department states that it was due after the final assessment of FY 13 and been calculated after considering the value of minerals declared by IBM for FY 13.