Constitution of National Biodiversity Fund

Section 27 of the Biological Diversity Act, 2002 deals with constitution of National Biodiversity Fund. There shall be constituted a Fund to be called the National Biodiversity Fund and there shall be credited thereto-- (a) any grants and loans made to the National Biodiversity Authority under section 26; The Act came into force on 01 Oct 2003.

(1) There shall be constituted a Fund to be called the National Biodiversity Fund and there shall be credited thereto--

(a) any grants and loans made to the National Biodiversity Authority under section 26;

¹[(b) all sums including charges and benefit sharing amount received by the National Biodiversity Authority;]

(c) all sums received by the National Biodiversity Authority from such other sources as may be decided upon by the Central Government.

(2) The Fund shall be ²[utilised] for--

(a) channeling benefits to the benefit claimers;

³[(b) conservation, promotion and sustainable use of biological resources;

(c) socio-economic development of areas from where such biological resources or traditional knowledge associated thereto have been accessed in consultation with the Biodiversity Management Committee:

Provided that when it is not possible to identify the area from where the biological resources or traditional knowledge associated thereto have been accessed, the fund shall be utilised for socio-economic development of the area where such biological resources occur;

(d) activities to meet the purposes of the Act.]

Section 27, The Biological Diversity Act, 2002 (Act 18 of 2003).