 financial memorandumclause 3 of the bill provides that the central government shall establish rural electrification board for electrification in rural areas clause 6 provides that the central to rural areas, it shall be borne out of the consolidated funds of the respective states, itis likely to involve an annual recurring expenditure of about rupees ten thousand crore from the annexure extract from the etectricity act, 2003(36 of 2003) national electricity policy'and plan, 3 (1) the central government shall, from tme to time, prepare the national electricity policy and tariff policy, in consultation with the state governments and the authority for development of the power system based on optimal utilization of resources such as coal, natural gas, nuclear substances or materials, hydro and renewable sources of energy (2) the central government shall publish the national policy and tariff policy from time to time = 5 the central government shall also formulate a national policy, in consultation with the state governments and the state commissions, for rural electrification and for bulk purchase of power and management of local distribution in rural areas through panchayat national policy on electrification and local distribution in tural areas institutions, users' associations, co-operative societies, non-governmental organisations or franchisees 6 the appropriate government shall endeavour to supply electricity to all areas including villages and hamlets supply electricity to rural areas, 7 any generating company may establish, operate and maintain a generating station without obtaining a licence under this act if it complies with the technical standards relating to connectivity with the grid referred to in clause (b) of section 73 generating company and requirement for setting up of generating station 61 the appropriate commission shall, subject to the provisions of this act, specify the terms and conditions for the determination of tariff, and in doing so, shall be guided by the following, namely:— | (a)e    |     |     |     |     ||---------|------|------|------|------|| (b)+    |     |     |     |     || (cs     |     |     |     |     || (a)     |     |     |     |     || (es     |     |     |     |     || (d+     |     |     |     |     || (g)    |     |     |     |     || (h)s    |     |     | +    |     |(i) the national policy and tariff policy: provided that the terms and conditions for determination of tariff under the electricity (supply) act, 1948, the electricity regulatory commissions act, 1998 and the enactments specified in the schedule as they stood immediately before the appointed date, shall continue to apply for a period of one year or until the terms and conditions for tariff are specified under this section, whichever is earlier      