The agreement was signed by Horilal Verma on behalf of GMCL and MT Nandy, member-secretary of CGSBB on behalf of the Board on October 9, Rajput, an India Forest Service (IFS) officer, told PTI.
Under the Biological Diversity Act, 2002, the rules and guidelines were framed in the state in 2015 with an objective to conserve, manage and share the benefits of biological resources and associated traditional knowledge in a fair and equitable manner, he said.
Under these rules, Biodiversity Management Committees (BMC) have been constituted at village panchayat level, which is working for conservation and protection of the biological resources in their concerned areas, he said.
As per the Act, no person or trader shall obtain any biological resources including herbs, roots and seeds, for commercial utilisation without giving prior intimation to the concerned state biodiversity board and also, undertake to share the benefits arising out of the use of such biological resources with the local BMC, he said.
The amount which will be given to GMC will be utilised in the conservation and preservation of biodiversity and sustenance of local communities, he said.
"We are in discussion with around 200 other traders and manufacturers who are dealing in bio-resources in the state, to enter into ABS agreement with them," he said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.