Goa seeks to invest back money earned from auctioning of ore

Goa government in its submission before the Supreme Court has sought the permission to invest back the money recovered from e-auctioning of the illegally extracted or confiscated ore, which is currently laying unclaimed at various points in the state.
The state has already made a submission through affidavit to the Supreme Court, which is hearing illegal mining case, seeking the court's nod to roll back the money collected from e-auctioning of illegally extracted or confiscated ore, into the debt payment of the people affected with mining closure, Chief Minister Manohar Parrikar told reporters here today.
"Total 90 per cent of the revenue collected from e-auctioning will be utilised for the welfare of the people who are suffering due to mining closure," Parrikar said, adding that the money can be used to clear off the amount loaned to them by various financial institutions.

The loan liabilities on their assets like trucks, barges (ships), machinery and even if they had taken loan for repairing of the house, can be repaid by the government with this money, he said.
The government has already made a budgetary provision of Rs 150 crore to set off such liability and additional Rs 700 crore can be recovered from e-auctioning, he said.
The state has around five million metric tones of iron ore which has been unclaimed, illegally extracted or confiscated by the state government during its raid, which will be e-auctioned in phases.

During e-auctioning held in two different phases, illegal ore worth Rs 40 crore has already been sold and the money is with the state government, Parrikar said.

He expressed hope that the SC will allow investing the money for the welfare of the people.
The mining industry in the state has been stalled since September 2011.