316 DMF Trusts In Mining States Exempted From Income Tax

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New Delhi: The Finance Ministry has exempted 165 District Mineral Foundation (DMF) Trusts from Income Tax, taking the total number of DMF trusts with such exemption to 316.

Thanking Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman for the Income Tax exemption to DMF Trusts on Saturday, Coal and Mines Minister Pralhad Joshi said it will result in more fund availability with them and ensure better implementation and outcome-oriented activities for welfare of mining affected people.

A Gazette notification has been issued to this effect by Ministry of Finance (Department of Revenue) (Central Board of Direct Taxes). Earlier, Ministry of Mines had taken up with Ministry of Finance regarding issuance of notification for Income-tax exemption to the District Mineral Foundations.

Through the amendment in Mines & Minerals (Development & Regulation) (MMDR) Act, in 2015, the Centre made provision for establishment of DMF Trust in all the districts affected by mining. So far, DMFs have been set up in 600 districts of 22 states including Odisha which have framed DMF rules.

The DMF aims at working for the interest and benefit of persons and areas affected by mining related operations in such manner as may be prescribed by the state government.