Section 44 in Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession Rules, 2016
44. Average sale price of metal.
- The Indian Bureau of Mines shall publish every month, the average sale price of the metal in Indian Rupees in the manner specified below.(i)In respect of Aluminium, Copper, Lead, Nickel, Tin, [Zinc, and such other metals] [Substituted 'and Zinc' by Notification No. G.S.R. 674(E), dated 20.9.2019.], the settlement price of London Metal Exchange for the said metals available during all the days of the month shall be multiplied by the reference rate, for the day, of the Reserve Bank of India, [or any agency authorised by the Reserve Bank of India] [Inserted by Notification No. G.S.R. 674(E), dated 20.9.2019.] for the currency in which the price is obtained.(ii)In respect of Gold [, Silver and such other metals] [Substituted 'and Silver' by Notification No. G.S.R. 674(E), dated 20.9.2019.], the London Bullion Market Association auction price shall be taken.(iii)Where the Reserve Bank of India reference rate is not available for any day on which the London Metal Exchange / London Bullion Market Association price is available, the Reserve Bank of India reference rate for the immediately preceding day shall be used.(iv)The simple average for the month of the daily prices of the metal worked out in Indian Rupees as specified above shall be published by the Indian Bureau of Mines as the average sale price of the said metal for that month.
