Dear Readers,

Current affairs forms an important component of several competitive exams such as the UPSC Civil Services Examination, SSC CGL, Bank PO & PSU entrance tests, etc. Therefore, understanding terms/concepts/events that are in the news is critical for aspirants. We at PaGaLGuY bring you this series of articles in which we shall explain some of these important concepts/events for you. Let’s get into details of the recently approved Compensatory Afforestation Fund Bill.

The Union Cabinet approved the Compensatory Afforestation
Fund (CAF) Bill in April to facilitate prompt usage of thousands of crores of
rupees collected over the years as recompense for diverting forest land for ‘non-forest
purposes’ like setting up of industries and other infrastructure projects.

Collected over a period of 10 years, the funds amount to Rs
38000 crores, according to information from the Ministry of Environment,
Forests and Climate Change (MoEF&CC). The aim of the bill is to enable
creation of institutions in the Centre, in the states and Union Territories
(UTs) to ensure appropriate utilisation of these funds. The amounts that are
being held at present in nationalised banks will be put to use in greater
public view, by transferring them to non-lapsable interest bearing funds
created under public accounts of the Centre and each of the states.

The bill will also ensure safety, security and, transparency
in utilisation of these amounts. Other highlights of the proposed bill include
establishment of a National Authority to use amounts credited to the national
body. Further, a monitoring group would also be set up to aid the National
Authority to check and evaluate afforestation activities carried out using the
CAF.

Apart from afforestation, activities like conservation of
flora and fauna and other ecological efforts will also be carried out using
these funds.

The institution will be formed in place of the Compensatory
Afforestation Management and Planning Authority (CAMPA) that operates currently
in an ad-hoc manner. CAMPA was formed after a Supreme Court order was issued to
that effect in 2004.

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