The seigniorage fee collected over mineral quarrying permits and lease in Tamil Nadu would be revised once in every three years. The Tamil Nadu government has constituted a committee which would recommend to it the revised rates of seigniorage fee, area assessment, dead rent and prospecting fee once in every three years.
An amendment to this effect was recently made to the Tamil Nadu Minor Mineral Concession Rules, 1959. The Secretary of the Natural Resources Department is the chairperson of the panel. Secretaries of Industries, Environment, Finance and Micro, Small and Medium Enterprises Departments are its members. The Director of Geology and Mining is its Member – Convenor.
The State government also increased the contribution to be made by the quarry owners to the Green Fund, in case the minerals are transported outside Tamil Nadu, to 50% of the seigniorage fee. Earlier, every holder of a prospecting licence or a quarry lease of any mineral shall, in addition to the seigniorage fee, was contributing to the Green Fund 20% percentage of the seigniorage fee.
The Green Fund in every district is for reclamation, restoration and rehabilitation of abandoned mines or quarries and the fund is vested with the respective Reclamation, Restoration and Rehabilitation Committee, of which the District Collector is the chairperson. The government also revised the rate of seigniorage fee, rate of area assessment, dead rent and prospecting fee for granite, which is set to come into force from September 5.
