The government will finalise new royalty rates for
major minerals other than coal, lignite and sand by August this year, which is
likely to boost revenues significantly.
“We have formed a committee to review royalty rates. The committee is
having extensive meetings with all stakeholders, including state governments.
By August, new royalty rates will come,” said Mines Minister Dinsha Patel.
Patel said the states are already calibrating royalty in such a fashion that it
is enhanced significantly. Furthermore, there are provisions for hiking the
royalty rate in the new Mines Bill that is likely to be passed by June.
On the demand for higher royalty from states, Patel said the new Mines and
Minerals (Development and Regulation) Bill, 2011, will address their concerns.
Dissatisfied with the present royalty rates, states like
Odisha and Chhattisgarh have already demanded a multi-fold increase in the
levy.
Source: The Economic Times
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