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Mineral Development Fund

Mineral Development Fund

MINERAL DEVELOPMENT FUND

Under state mineral policy Govt. of Maharashtra has created“ Maharashtra Mineral Development Fund ” by enacting Maharashtra Act No.XIX of 2001.

Every year an amount equal to ten percent out of total mineral revenue collected during immediately preceding financial year is earmarked as mineral development fund.

The fund so constituted is to be utilised for:

a) Carrying out the functions and activities of the Directorate of Geology and Mining for mineral exploration and mineral administration in the state.

b) Carrying out the activities of the “ Maharashtra State Mining Corporation ” as an organisation and also as a shell agency in accordance with State Mineral Policy for promoting mineral based industries in the state.

c) For providing infrastructure facilities for the mines and mine's affected areas like Roads, Water & Electricity and also for maintaining ecological and environmental balance in mines affected areas, within a periphery of 20 kms.

 

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