 statement of objects and reasonsfishermen go to sea at great risk some times they even lose their lives, their boats ar damaged or lost in the sea their equipments are damaged since, there is no exclusi insurance scheme for them, they suffer as they only know the traditional profession fishing by which they earn very meager income in order to provide protection to traditional fishermen community living in coastal areas of the country it is necessary provide insurance cover to them when they suffer loss of life or physical injury or damage their equipments in the course of fishing 'or during natural calamities such a step will all the sufferings of fishermen to some extent therefore, it is proposed that a insurance scheme for fishermen should be formulated, hence, this bill 'new detut; ap abdullaki july, 27,2004  financial memorandumclause 3 of the bill provides for framing of the fishermen insurance scheme by the central government clause 4 provides for establishment of fishermen insurance fund with initial capital of rupees five hundred crore to be contributed by the central government clause 5 provides for constitution of the fishermen insurance authority who administer the scheme framed under the act the bill, therefore, if enacted, is likely to involve expenditure from the consolidated fund of india itis estimated that an annual recurring expenditure of rupees three thousand crore is likely to be involved from the consolidated fund of india a non-recurring expenditure of rupees one thousand crore is also likely to be involved memorandum regarding delegated legislationclause 10 of the bill empowers the central government to make rules for carrying out the provisions of the bill the rules will relate to matters of detail only the delegation of legislative power is, therefore, of a normal character