Section 29 in Chhattisgarh Minor Mineral Rules, 2015
29. Financial assurance.
(1)Financial assurance has to be furnished by every Quarry Leaseholder. The amount of financial assurance shall be rupees twenty five thousand per hectare or part thereof of the lease area.(2)The financial assurance shall be submitted in one of the following forms to the Collector or the Director, as the case may be,-(i)Letter of Credit from any Scheduled Bank; or(ii)Surety Bond in Form-X;(3)The lessee shall submit the financial assurance to the Collector or the Director, as the case may be, before execution of the lease deed.(4)Where quarrying operations have been undertaken before the commencement of these rules the holder of such Quarry Lease shall submit financial assurance within a period of one year from the date of commencement of these rules.(5)Release of financial assurance shall be effective upon the notice given by the Lessee for the satisfactory compliance of the provisions contained in the Quarry Closure Plan and certified by the Collector.(6)If Collector has reasonable grounds for believing that the protective, reclamation and rehabilitation measures as envisaged in the approved Quarry Closure Plan in respect of which financial assurance was given has not been or will not be carried out in accordance with the Quarry Closure Plan, either fully or partially, the Collector shall give the Lessee a written notice of his intention to issue the orders for forfeiting the sum assured at least thirty days prior to the date of the order to be issued.(7)Within thirty days of the receipt of notice referred to in sub-rule (6), if no satisfactory reply has been received in writing from the Lessee, the Collector shall pass an order for forfeiting the surety amount and a copy of such order shall be endorsed to the Director.(8)Upon issuance of such order by the Collector, the Director may realise any Letter of Credit or Surety Bond; Guarantee provided or obtained as financial assurance for the purpose of performance of protective, reclamation, rehabilitation measures and shall carry out those measures or appoint an agent to do so.
