Current Affairs

Govt to impose 15 per cent Advance Royalty on Mining

The Goa government is to impose a 15 per cent ‘Advance Royalty’ on mining extracts for next 20 years, by way of stamp duty while renewing their leases.

An amendment was passed in the State Cabinet meeting held recently and the government is expected to garner a whopping Rs 2500 crore through this.

Government has decided to renew the mining leases which have all legal permissions. The renewal period would be for 20 years and the government will collect the money in advance.

The mine owner will have to pay 15 per cent royalty to the State government on income expected to be earned over next 20 years. The government will not refund the money, if the lease ceases to function because of any eventuality or illegalities.

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