Section 9C: National Mineral Exploration and Development Trust

[National Mineral Exploration and Development Trust.]—- (1) The Central Government shall, by notification, establish a Trust, as a [non-profit autonomous body], to be called the [National Mineral Exploration and Development Trust].

[(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 [composite licence] shall pay to the Trust, a sum equivalent to [three per cent.] of the royalty paid in terms of the Second Schedule, in such manner as may be prescribed by the Central Government.]

[(5) The entities specified and notified under sub-section (1) of section 4 shall be eligible for funding under the [National Mineral Exploration and Development Trust].]