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Section 17: Fixed rent.

The Offshore Areas Mineral (Development and Regulation) Act, 2002Central Act · Act 17 of 2003

(1) A lessee shall pay to the Central Government, every year, fixed rent in respect of the area covered under the production lease, at the rate for the time being specified in the Second Schedule:

Provided that where the lessee becomes liable under section 16 to pay royalty for any mineral removed or [consumed from the area] covered under such lease, he shall be liable to pay either such royalty or the fixed rent in respect of that area, whichever is greater.

(2) The Central Government may, by notification in the Official Gazette, amend the Second Schedule so as to enhance or reduce the rate at which fixed rent shall be payable in respect of any area covered under a production lease and such enhancement or reduction shall take effect from such date as may be specified in the notification:

Provided that the Central Government shall not enhance the rate of the fixed rent more than once during any period of three years.

Where this provision sits

ActThe Offshore Areas Mineral (Development and Regulation) Act, 2002
Section17
Marginal noteFixed rent.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • substituted, Act 17 of 2023. . Subs. by Act 17 of 2023, s. 15, for "consumed by him from the area" (w.e.f. 17-8-2023).

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