Constitution of Development Fund

Section 86 of the Inland Vessels Act, 2021 deals with constitution of Development Fund. There shall be a Fund constituted by the State Government to be called the Development Fund, to be utilised for— (a) meeting emergency preparedness; The Act was enacted on 11 Aug 2021.

(1) There shall be a Fund constituted by the State Government to be called the Development Fund, to be utilised for—

(a) meeting emergency preparedness;

(b) meeting containment of pollution caused by discharge of oil, mixtures, obnoxious substances, chemicals and other noxious and harmful substances, to preserve and protect inland waters;

(c) supporting, part or whole of expenses of owners or economically backward sector involved in activities of trade and living depending solely on inland waters;

(d) removal of unidentified wreck or obstruction affecting and impeding navigation; and

(e) boosting up development works of inland water navigation with respect to safety and convenience of conveyance.

(2) For the purposes of constitution of the Development Fund under sub-section (1), endeavour shall be made to design schemes of contribution from—

(a) the State Government;

(b) stake holders;

(c) the amount collected from sale of wreck or cargo or remains thereof after deducting the expenses incurred;

(d) excess fund out of judicial sale of vessels or any property or cargo after meeting the expenses incurred or set-off against the court to meet damages or functioning of the court or administrative machinery; and

(e) part or proportionate disbursement of fees collected by the respective State Government as provided in this Chapter.

Section 86, The Inland Vessels Act, 2021 (Act 24 of 2021).