Atomic Energy (Amendment) Bill, 2015 introduced in Lok Sabha to fast track nuclear power projects [ Current Affairs ]

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Union Government has introduced Atomic Energy (Amendment) Bill, 2015 in Lok Sabha to facilitate and fast track setting up of new nuclear projects in the country. Atomic Energy and Space Union Minister of State (MOS) Dr. Jitendra Singh has introduce it.

The Bill pursues to modify the Atomic Energy Act, 1962.

Key requirements of the Atomic Energy (Amendment) Bill, 2015

  • A government company is one in which at least 51 % of the paid-up share capital is held by the central government according to this Act.
  • A company receives paid-up share capital from the issue of shares.

Redefines paid-up share capital:

  • With the aim to include joint ventures (JV) of public sector undertakings (PSUs) the definition of paid-up Act share capital in parent has been expanded.
  • One or more than one PSU will hold the whole of the paid up share capital and it also allows the Union government to establish its Board of Directors for JV.
  • Licenses: From now Government Company or a department of Union Government are only granted.
  • According to the parent Act achievement, production, use, export and import of any plant designed for the production and development of atomic energy or research for all this license is required must.

Permitted License can also be cancelled if it ceases to be a government company for

(i) Getting and using materials or reserves from which atomic energy can be obtained

(ii) Producing atomic energy etc.

The modification to Atomic Energy Act, 1962 has been recommended to expedite the fast expansion of nuclear power and its generation in the country to meet electricity demand.

- Published on: December 8, 2015