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1[National Mineral Exploration and Development Trust.]--- (1) The Central Government
shall, by notification, establish a Trust, as a 2[non-profit autonomous body], to be called the 3[National
Mineral Exploration and Development Trust].
4[(2) The object of the Trust shall be to use the funds accrued to the Trust within India, including the
offshore areas, and outside India for the purposes of regional and detailed exploration and development
of mines and minerals in such manner as may be prescribed by the Central Government.]
(3) The composition and functions of the Trust shall be such as may be prescribed by the Central
Government.
(4) The holder of a mining lease or a 5[composite licence] shall pay to the Trust, a sum equivalent to
6[three per cent.] of the royalty paid in terms of the Second Schedule, in such manner as may be
prescribed by the Central Government.]
7[(5) The entities specified and notified under sub-section (1) of section 4 shall be eligible for funding
under the 3[National Mineral Exploration and Development Trust].]
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1. Subs. by Act 28 of 2025, s. 5, for marginal heading (w.e.f. 1-9-2025).
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2. Subs. by Act 16 of 2021, s. 11, for "non-profit body" (w.e.f. 28-3-2021).
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3. Subs. by Act 28 of 2025, s. 5, for "National Mineral Exploration Trust" (w.e.f. 1-9-2025).
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4. Subs. by s. 5, _ibid._, for sub-section _(2)_ (w.e.f. 1-9-2025).
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5. Subs. by Act 16 of 2021, s. 2, for "prospecting licence-cum-mining lease" (w.e.f. 28-3-2021).
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6. Subs. by Act 28 of 2025, s. 5, for "two per cent." (w.e.f. 1-9-2025).
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7. Ins. by Act 16 of 2021, s. 11 (w.e.f. 28-3-2021).
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