Recover Rs 2,747 cr from cos for illegal exports of ores: Shah

Illegal exports of ore during 2000-2010 is worth Rs 2,747 crore and this amount should be recovered with interest from firms in addition to imposing penal action on them, the Justice M B Shah Commission report on illegal mining of iron and manganese ores in Goa has said.
Considering an average price of USD 40 per tonne, the value of illegal exports that has been undertaken (non-royalty paid iron ore) during the period 2000-2010 works out to be Rs 2,747 crore, pegged at the exchange rate of Rs 43 per dollar, the report tabled in Parliament today said.
"Hence the amount is required to be recovered...In addition to penal actions arising out of as theft of iron ore outside the country and other actions," it said.

The major exporters from Goa includes Sesa Goa Ltd and Sesa Resources Ltd.
It also said there were large differences in the production/export data given by customs, port and Goan Mineral Ore Exporters' Association. Accordingly, there would be difference in the royalty and custom duty collection .
Further, there was a large difference between the total quantity of ore exported and produced. The difference is taken as illegal export and corresponding loss to the exchequer, it said.
"Considering the average price of USD 40 per tonne, the mineral value of illegal and non-royalty paid order during the period 2005-10 comes out to Rs 2,756 core pegged in the exchange reate of Rs 45 per dollar," the report said, adding that there may be many more cases of this kind.