Question: Read the following statements regarding Access and Benefit Sharing (ABS) Mechanism.
i. It is used for biodiversity conservation.
ii. It involves sharing a part of profit earned from natural resources.
iii. It involves paying tax to government for using natural resource.
Choose the correct option.
Options:
A) i and ii
B) ii and iii
C) i, ii and iii
D) i and iii
Show Answer
Answer:
Correct Answer: A
Solution:
- In this mechanism, a part of the profit earned from exploiting natural resources can be used for conserving natural resources. The National Biodiversity Authority proposed this mechanism for biodiversity conservation. The board had earlier issued notices to more than 1,100 manufacturers and traders of Ayurveda drugs that are commercially utilizing these bio resources. Many of the companies use these natural plants and products as ingredients in medicinal and other products. 95% of the ABS amount shall is transferred to the account of the biodiversity management committee (BMC) of the respective region.
BETA
