Lok Sabha passes Atomic Energy (Amendment) Bill, 2015
The Lok Sabha has unanimously passed the Atomic Energy (Amendment) Bill,2015 by voice vote.
The bill seeks to amend the Atomic Energy Act, 1962 to facilitate and fast track setting up of new nuclear projects in the country.
Key provisions of the Bill
- Redefines paid-up share capital: Expands the definition of paid-up share capital in parent Act to include joint ventures (JV) of public sector undertakings (PSUs).
- Paid-up share capital is the capital received by a company from the issue of shares.
- Government company is one in which at least 51% of the paid-up share capital is held by the central government.
- The whole of the paid up share capital would be held by one or more PSUs and empowers the Union government to constitute its Board of Directors for such JV.
- Licenses: Henceforth it will only be granted to entities such as a government company or a department of Union Government.
- Under the parent Act, license is required for acquisition, production, use, export and import of any plant designed for the production and development of atomic energy or research.
- License granted will be cancelled if it ceases to be a government company for (i) acquiring and using substances or minerals from which atomic energy can be obtained (ii) producing atomic energy etc.
Categories: Bills and Acts in Current Affairs 2017