New Delhi, Sept. 11 (PTI): The government has constituted a study group to examine the revision of royalty on non-fuel minerals.
“The study group for revision of royalty on non fuel minerals has been constituted. The group has been holding consultations with all stake holders,” minister of state for coal and mines Ravi Shankar Prasad said at the 36th annual general meeting of the Federation of Indian Mineral Industries (FIMI) here.
The group is headed by additional secretary (mines) Adarsh Mishra with representatives from various state governments, FIMI and other industrial associations as its members.
It is expected to submit its recommendations to the government by the year-end and would look into various related issues like bringing in more minerals within the ad-valorem fold.
The government had in 2000 effected a change in the royalty rates for non-fuel minerals and is bound under the law not to revise the same for a period of three years from the last revision.
Prasad admitted that the mines ministry had been unsuccessful in getting the finance ministry to put in place a favourable taxation regime for the sector adding that he was hopeful of convincing the finance ministry.
On the issue of removal of ceilings on exports of iron ore, manganese ore and chrome ore, Prasad said he was in favour of removal of quantitative restrictions and would take up the matter with the commerce ministry. Prasad said the government had constituted a national level committee for monitoring environment and forestry related issues in the sector.