5Penalty for late payment

5 Penalty for late payment

Where the liability of a mining licence holder to pay a fee referred to in section 4 is not discharged at or before the time when the fee is payable, there is payable to the Designated Authority by the holder an additional amount calculated at the rate of one‑third of 1% per day upon the amount of the fee from time to time remaining unpaid, to be computed from the time when the fee became payable until it is paid.