Maharashtra Mineral Developement (Creation and Utilisation) Fund Act, 2001
No: 19 Dated: Apr, 21 2001
THE MAHARASHTRA MINERAL DEVELOPMENT (CREATION AND UTILISATION) FUND ACT, 2001
ACT No. XIX OF 2001
An Act to make special provisions for creation of Mineral Development Fund for the State of Maharashtra and its utilisation towards mineral exploration and development of mining activities in the State.
WHEREAS it was expendient to make special provisions for creation of Mineral Development Fund for the State of Maharashtra and its utilisation towards mineral exploration and development of mining activities in the State and for matters connected therewith or incidential thereto;
AND WHEREAS it was considered necessary to immediately make a law for the same ;
AND WHEREAS both Houses of the State Legislature were not in session ;
AND WHEREAS the Governor of Maharashtra was satisfied that circumstances existed which rendered it necessary for him to take immediate action to make a law for the purposes aforesaid; and, therefore, promulgated the Maharashtra Mineral Developement (Creation and Utilisation) Fund Ordinance, 2001, on the 26th February 2001;
AND WHEREAS it is expedient to replace the said Ordinace by an Act of the State Legislature ;
It is hereby enacted in the Fifty-second Year of the Republic of India as follows :—
1. Short title and commencement:- .(1) This Act may be called the Maharashtra Mineral Developement (Creation and Utilisation) Fund Act, 2001.
(2) It shall be deemed to have come into force on the 26th February 2001.
2. Definitions:- In this Act, unless the context otherwise requires,—
(a) “ Advisory Committee” means the Advisory Committee constituted under section 7 ;
(b) “ Competent Authority” means the Secretary, Trade, Commerce and Mining Department of the Government of Maharashtra ;
(c) “ Department” means the Trade, Commerce and Mining Department of Government;
(d) “Director” means the Director, Directorate of Geology and Mining, Maharashtra State, Nagpur;
(e) “Fund“ means the Maharashtra Mineral Development Fund constituted under section 3 of the Act;
(f) “Government” means the Government of Maharashtra ;
(g) “Maharashtra State Mining Corporation“ means the Maharashtra State Mining Corporation Limited, Nagpur;
(h) “Managing Director” means the Managing Director of the Maharashtra State Mining Corporation;
(i) “member” means the member of the Advisory Committee constituted under this Act;
(j) “prescribed” means prescribed by rules made under this Act.
3. Maharashtra Mineral Development Fund:- (1) On the commencement of this Act, the State Government shall constitute, by appropriation duly made from out of the total mineral revenue collected in the immediately preceding financial year, a fund to be called the Maharashtra Mineral Development Fund.
(2) An amount of ten per cent. of such mineral revenue collected during the said year shall be earmarked for this purpose and shall form a part of such Fund.
(3) The State Government shall, thereafter for every completed financial year, contribute, after appropriation duly made, within three months from the appropriation made, ten per cent. of the total mineral revenue collection of that financial year, towards the said Fund.