(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;
(b) all charges and royalties received by the National Biodiversity Authority under this Act; and
(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 applied for -
(a) channeling benefits to the benefit claimers;
(b) conservation and promotion of biological resources and development of areas from where such biological resources or knowledge associated thereto has been accessed;
(c) socio-economic development of areas referred to in clause (b) in consultation with the local bodies concerned.
Annual report of National Biodiversity Authority.
28. The National Biodiversity Authority shall prepare, in such form and at such time each financial year as may be prescribed, its annual report, giving a full account of its activities during the previous financial year and furnish, to the Central Government, before such date as may be prescribed, its audited copy of accounts together with auditors' report thereon.
Budget, accounts and audit.