Section 7
[(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 . ]
7 [(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 1 [composite licence] shall pay to the Trust, a sum equivalent to 8 [three per cent.] of the royalty paid in terms of the Second Schedule, in such manner as may be prescribed by the Central Government.]