In exercise of the powers conferred by sub-section (2) of section 7 of the Civil Liability for Nuclear Damage Act, 2010, the Central Government has made the Nuclear Liability Fund Rules, 2015.
There are five rules, which entail provisions with respect to the following:
Definitions of the words “Act”, “levy”, “Fund” to have meanings respectively assigned to them in the Act.
Establishment of Nuclear Liability Fund by Central Government:
The Fund shall comprise the levy collected from operators of nuclear installations
The operator shall pay to the Fund, a levy at the rate of rupees 0.05 (five paise)
The levy shall be collected and paid to the Fund till the total amount reaches two thousand crore rupees,
The levy shall be payable on quarterly basis and the levy amount for every quarter of the year shall be credited to the Fund within the 15th day of the month succeeding the quarter.
Operation of Fund: The payments made by an operator towards the Nuclear Liability Fund shall be credited into the Consolidated Fund of India and then transferred to the Public Account under the Head of Account “MH 8235 General and Other Reserve Fund” following due procedures.
Payment of interest- 18% P.A.
-Department of Atomic Energy
Source: Legal news India