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Offshore Areas Mineral Trust Rules 2024
August 23 , 2024
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- It will be establishing the first-ever framework to oversee mineral exploration and production in India's offshore areas.
- Under the new rules, holders of production leases of offshore mines are required to contribute to the Trust by paying 10 per cent of their royalty payments to the government.
- This sum will be deposited in the Public Account of India, providing a financial backbone for the Trust's initiatives.
- The primary objective of the Trust is to promote sustainable exploration, while ensuring environmental conservation and community welfare.
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