(1)

The Central Government shall, by notification, establish a Trust, as a on-profit autonomous body, to be called the National Mineral Exploration Trust.

(2)

The object of the Trust shall be to use the funds accrued to the Trust for the purposes of regional and detailed exploration 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 composite licence shall pay to the Trust, a sum equivalent to two per cent. of the royalty paid in terms of the Second Schedule, in such manner as may be prescribed by the Central Government.]

(5)

The entities specified and notified under sub-section (1) of section 4 shall be eligible for funding under the National Mineral Exploration Trust.