Ya'll Nibbiars Defence Min To Parliamentary Panel On Defence: A draft Cabinet note for Non-Lapsable Defence Modernisation Fund is under consideration Fin Min has proposed a mechanism for Non-Lapsable Defence Modernisation Fund Defence Min to Parliamentary panel on Defence: The Fund shall be credited with the part proceeds of monetization of defence land 50% of Defence land monetisation shall be used for Non-Lapsable Defence Modernisation Fund. Defence Min to Parl panel: Fund to be used to buy weapon systems, logistics equipment from Indian Cos Fund to be used only after normal budgetary grant for defence exhausted Mechanism would be created to identify the defence lands which can be utilised for resource generation.