(1)An amount equal to 0.50% of the value of estimated resources shall be the upfront payment.(2)The upfront payment shall be payable to the State Government in three instalments of ten per cent.; ten per cent.; and eighty per cent. as specified in the tender document and shall be [adjust in full at the earliest against the amount to be paid under sub-rule (3) of rule 8 on] [Substituted 'adjusted in full against the amount paid under sub-rule (3) of rule 8 within the first five years of' by Notification No. G.S.R. 1469(E), dated 30.11.2017 (w.e.f. 20.5.2015).] commencement of production of mineral as specified in the tender document.
