SMET Rules 7

धारा 7 · Contribution to Trust Fund

(1)

The Trust shall have power to open and operate bank accounts in its own name at any Scheduled Bank as specified in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934).

(2)

The Trust shall communicate the particulars of its bank account to the State Government for the purposes of payments required to be made.

(3)

The holders of quarry lease under Schedule-I including temporary permit shall make payments for contribution to the Trust Fund of an amount payable as per Rule 5 of these rules to the State Government simultaneously with payments of the Seigniorage Fee.

(4)

The Assistant Director of Mines and Geology concerned shall deposit the amount collected from such payments into the bank account of the Trust.

(5)

The deposit referred to in Sub-rule (4) by the Assistant Director of Mines and Geology concerned into the designated bank account of the Trust, shall be made as soon as possible, but in any case not later than tenth day of the succeeding month in respect of the amount collected in any particular month.

(6)

The responsibility of collection and depositing the amount so collected in the Trust Fund and maintaining necessary accounts shall be that of the Director of Mines and Geology.

(7)

The Director of Mines and Geology shall provide information regarding amounts paid pursuant to Sub-rule (4) and the Seigniorage Fee payments to the State Government on a monthly basis.

(8)

The Director of Mines and Geology shall maintain an updated record of the monies transferred to the bank account of the Trust along with a database of Seigniorage Fee and provide such information to the Trust on a periodic basis.

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