Govt., of India increase the royalty for Garnet and other minerals
Sep 08 2014
According to the MMDR Act, Section 9, all the major mineral mining lessee has to remit the royalty as per the 2nd Schedule of the MMDR Act. The second schedule will be revised once in 3 years. Recently, Govt., of India revised the 2nd Schedule of the Act.
As per the present revision, the royalty for beach minerals. According to the present revision the rate of royalty for the Beach Minerals are given below.
1) Garnet – 4 % of average Sale price on advalreum basis.
2) Ilmenite, Rutile, Zircon, Leucoxene – 2% of average Sale price on advalreum basis.
3) Silimanite – 2.5% of average Sale price on advalreum basis.
4) Monazite – Rs. 125 per M.Ton
Note : In addition to this, 10% of export duty on FOB Price will also applicable for export of Ilmenite, Rutile etc.,
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