Levy of mineral areas development cess

(1) There shall be levied and collected a mineral areas development cess on every land held under a mining lease at the rate of ten per cent. of the annual value of the mineral raised from such land. (2) For the purpose of sub-section (1) annual value shall be equal to the royalty or dead rent, as the case may be, whichever is higher. (3) The mineral areas development cess shall be payable by the person to whom the mining lease is granted. (4) The mineral areas development cess shall, subject to accordance with the rules made in this behalf, be collected by such agency and in such manner as may be prescribed and shall be utilised towards development of mineral bearing areas.