Consider the following statements 1 Finance Bill 2010 11 created National Clean Energ...........

Economic Affairs Tax System

Consider the following statements:

1. Finance Bill 2010-11 created National Clean Energy Fund NCEF) out of a cess at the rate of Rs.50 per tonne of coal of imported origin

2. The funds generated will be used in entrepreneurial ventures and research in the field of clean energy technologies.

Which of these statements is/are correct?

1 only

2 only

Both 1 and 2

Neither 1 nor 2

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Explanation:

1st statement is correct.
The National Clean Energy Fund (NCEF) is a fund created in 2010-11 using the carbon tax - clean energy cess - for funding research and innovative projects in clean energy technologies of public sector or private sector entities, upto the extent of 40% of the total project cost. Assistance is available as a loan or as a viability gap funding, as deemed fit by the Inter-Ministerial group, which decides on the merits of such projects.
Creation of NCEF was announced in the Union Budget 2010-11.