Section 2(1) in Compensatory Afforestation Fund (Accounting Procedure) Rules, 2018
(1)Consequent upon issue of notification in the Official Gazette for establishment of the 'National Compensatory Afforestation Fund' by the Central Government in terms of sub-section (1) of section 3 and in terms of sub-section (3) of section 3 of the said Act all the monies collected by the State Governments and Union territory Administrations which has been placed under the ad hoc Authority and deposited in the nationalised bank shall be transferred to the interest bearing section of Public Account of India under a distinct Minor Head with the nomenclature 'National Compensatory Afforestation Deposits' below the 'Major Head 8336- Civil Deposits' and Sub-Head opened thereunder for each State and Union territory.Note : This is a Deposit Account as 90 percent of the monies transferred from the ad hoc Authority belong to State Governments and Union territories and not the Central Government.
