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Nuclear Liability Fund Rules, 2015

The Civil Liability for Nuclear Damage Act, 2010 was enacted to provide for civil liability for
nuclear damage and prompt compensation to the victims of a nuclear incident through a no-fault liability regime channeling liability to the operator, appointment of Claims Commissioner, establishment of Nuclear Damage Claims Commission and for matters connected therewith.
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 Rs. 2000 crore (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.

                 
So according to the 2015 rules, the fund will comprise the levy collected from operators of nuclear installations. The operators will have to pay to the fund a levy at the rate of 5 paise or a levy at such rate between 5 and 10 paise for every unit of electricity sold to the customers. The levy shall be collected and paid to the fund till the total amount reaches Rs 2,000 crore, and thereafter, the process shall resume in the event of any withdrawals from the fund so as to ensure that the fund balance remains at Rs 2,000 crore at any given time. The payments made by an operator towards the fund will be credited to the Consolidated Fund of India and then transferred to the Public Account under the 'MH 8235 General and Other Reserve Fund'. The Centre will be required to take Parliament's approval before making payments out of the fund after due assessment and operators delaying quarterly payments to the fund will pay interest to the tune of 18% on daily basis


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