Act Number: 16

Act Name: The Goa, Daman and Diu Mining Concessions (Abolition and Declaration as Mining Leases) Act, 1987

Year: 1987

Enactment Date: 1987-05-23

Long Title: An Act to provide for the abolition of the mining concessions in operation in the Union territory of Goa, Daman and Diu and specified in the First and the Second Schedules, and for the declaration of such mining concessions as mining leases under the Mines and Minerals (Regulation and Development) Act, 1957 with a view to the regulation of the mines to which such concessions relate and for the development of minerals under the control of the Union and for matters connected therewith or incidental thereto.

Ministry: Ministry of Mines

Department:

Section 9: Payment by the Central Government to the Commissioner.
    (1) The Central Government shall, within thirty days from the specified date, pay, in cash, to the Commissioner, for payment to the concession holders, a sum equal to the sum specified against the mining concessions in the First and the Second Schedules, together with the amount of interest referred to in section 7.
     (2) A deposit account shall be opened by the Central Government, in favour of the Commissioner, in the Public Account of India, and every amount paid under this Act to the Commissioner shall be deposited by him to the credit of the said deposit account and the said deposit account shall be operated by the Commissioner.
     (3) Records shall be maintained by the Commissioner in respect of each of the concession holder in relation to which payments have been made to him under this Act.
     (4) Interest accruing on the amount standing to the credit of the deposit account referred to in sub-section (2) shall enure to the benefit of the concession holders.
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