(1) There shall be constituted a Fund to be called the National Biodiversity Fund and there shall be credited thereto--
         (a) any grants and loans made to the National Biodiversity Authority under section 26;
         (b) all charges and royalties received by the National Biodiversity Authority under this Act; and
         (c) all sums received by the National Biodiversity Authority from such other sources as may be decided upon by the Central Government.
     (2) The Fund shall be applied for--
         (a) channeling benefits to the benefit claimers;
         (b) conservation and promotion of biological resources and development of areas from where such biological resources or knowledge associated thereto has been accessed;
         (c) socio-economic development of areas referred to in clause (b) in consultation with the local bodies concerned.