Establishment of Offshore Areas Mineral Trust.

    ¹[16A. Establishment of Offshore Areas Mineral Trust.--(1) The Central Government shall, by notification in the Official Gazette, establish a Trust, as a non-profit autonomous body, to be called the Offshore Areas Mineral Trust.
     (2) The object of the Offshore Areas Mineral Trust shall be to use the funds accrued to it for the following purposes, namely:--
         (a) research, administration, studies and related expenditure with respect to offshore areas and mitigation of any adverse impact that may be caused to the ecology in the offshore area, due to operations undertaken; or
         (b) providing relief upon the occurrence of any disaster in the offshore area; or
         (c) the purposes of exploration in the offshore area; or
         (d) for the interest and benefit of persons affected by exploration or production operations undertaken; or
         (e) such other purposes, as may be prescribed.
    (3) The composition and functions of the Offshore Areas Mineral Trust shall be such as may be prescribed.
     (4) The funds accrued to the Offshore Areas Mineral Trust shall be non-lapsable under the public account of India and be administered in such manner as may be prescribed.
     (5) A lessee shall pay, in addition to the royalty, to the Offshore Areas Mineral Trust, an amount which is equivalent to such percentage of the royalty paid in terms of the First Schedule, not exceeding one-third of such royalty, in such manner as may be prescribed.
     (6) The entities specified and notified under sub-section (1) of section 5 shall be eligible for funding under the Offshore Areas Mineral Trust, subject to such conditions as may be specified by the Central Government.]