Explanation:

On the basis of recommendation of standing committee, the Union Cabinet gave its approval to move official amendments in the Compensatory Afforestation Fund Bill, 2015.

Proposed Amendments:
 It will make the list of environmental services inclusive and will delete some of environmental services for which credible model to assess their monetary value do not exist.
 It will provide for prior consultation with States Governments for making rule under the new legislation.
The Bill establishes the National Compensatory Afforestation Fund under the Public Account of India, and a State Compensatory Afforestation Fund under the Public Account of each state. It will also provide for establishment of State Fund of a Union territory having no legislature under Public Account of the Union of India.
It will provide for use of monies realized from the user agencies in lieu for forest land diverted in protected areas for voluntary relocation from protected areas.
To provide wider representation, it will include Secretaries of Ministries dealing with Space and Earth Sciences as members of governing body of the National Authority.
It will also increase the number of expert members in governing body of National Authority from two to five.
It will also increase the number of expert members in executive committee of National Authority from two to three.
It will also include an expert on tribal matters or representative of tribal community as a member in both steering committee and executive committee of a State Authority.
Amendments have fixed time limit of three months for Executive Committee of National Authority to approve annual plan of operations of State Authorities.
These Funds will receive payments for: (i) compensatory afforestation, (ii) net present value of forest (NPV), and (iii) other project specific payments. The National Fund will receive 10% of these funds, and the State Funds will receive the remaining 90%.