Directorate of Mines & Geology, govt. of Goa has issued a notification in exercise of powers conferred by the Section 9B of the Mines and Minerals (Development and Regulation) Act, 1957 and the rules will be called as Goa District Mineral Foundation Rules 2016.
The rules shall be deemed to have come into force w.e.f. 12 Jan’15.
The notified rules take into consideration the Pradhan Mantri Khanij Kshetra Kalyn Yojana which was notified by the Indian govt. on 17 Sept’15. Goa DMF Rules, 2016 are in adherence to the principles of sustainable mining, inter-generational equity, and to afford protection to the environment and ecology and to meet the needs of the mining affected persons and areas.
50% of contribution towards the fund shall be deposited in fix deposit or Government bond/ bank bond. The interest earned on such amount to the extent of 90% can be utilised for achieving the objectives whereas 10% of such interest shall be re-invested in long term investment and such fund shall be used in posterity for the benefit of generations. The remaining 50% of the fund and 90% on the returns of the investment shall be utilised for achieving the objectives of the fund.
Indian govt. on 17 Sept’15 announced the launch of Pradhan Mantri Khanij Kshetra Kalyan Yojana (PMKKKY) as a measure to support the project affected people, using the funds generated by District Mineral Foundations (DMFs). The contribution was fixed at 30% of royalty for existing leases (those executed before 12 Jan’15) and 10% of royalty for new leases (those executed after 12 Jan’15).
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