The Fund so constituted shall be sanctioned by the Competent Authority and utilized for,-
(a) carrying out the functions and activities of the Directorate of Geology and Mining specially for promoting mineral-based industries in the State;
(b) carrying out the activities of the Maharashtra State Mining Corporation as an Organization and also as a Shell Agency, to perform various functions, like exploration of minerals, diversification of activities; providing infrastructures at mines and also to perform the functions of the Shell Agency in accordance with the state mineral policy of 1999, specially for promoting mineral based industries in the State; and.
(c) financing Government approved schemes connected with the mineral development, with specified previous approval of the State Government for spending on any such scheme for following objects, namely:-
(i) for providing infrastructural facilities for the mines, like roads, water and electricity, or for maintaining ecological or environmental balance;
(ii) for any other activities connected with promotion of mineral- based industries and mineral development activities which the Government considers to be fit.
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