In a significant development, the Ministry of Mines has formed a committee, under the chairmanship of former Coal Secretary V.K. Srivastava, for examination of double calculation of royalty or – ‘royalty on royalty’ – resulting from royalty being included in IBM’s average sale price (ASP). The committee has also been tasked with developing a national mineral index (NMI) and determining the value of minerals for auctions and statutory payments.
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