CII seeks clarification on computation of average sale price of auctioned mines by IBM
MUMBAI: Industry association body, confederation of Indian Industries (CII) has written to the ministry of mines seeking a review of calculating average sales price of leased mines, and has urged the ministry to implement a national mineral index which will provide a benchmark solution to current ambiguities in the price evaluation.
“On an average, additional amount to the extent of about 20% is being charged over and above the applicable charges on account of premium, royalty, district mineral foundations and national mineral exploration trust…this needs to be resolved at the earliest for smooth transition of all the auctioned mining leases post 31st March 2020,” said CII in the letter.
