Act 47 of 1974

The Oil Industry (Development) Act, 1974

An Act to provide for the establishment of a Board for the development of oil industry and for that purpose to levy a duty of excise on crude oil and natural gas and for matters connected therewith.

  • Ministry of Petroleum and Natural Gas
  • Enacted 1974-09-26
  • 32 sections
SectionTitle
1 Short title and extent. Read
2 Definitions. Read
3 Establishment and constitution of the Board. Read
4 Conditions of service of members. Read
5 Secretary, officers, consultants and employees of the Board. Read
6 Functions of the Board. Read
7 Principles and conditions of assistance. Read
8 Power to call for repayment before agreed period. Read
9 Special provisions for enforcement of claims by the Board. Read
10 Power of Board to appoint Directors of oil industrial concern. Read
11 Effect of notified order appointing Director. Read
12 Powers and duties of the Directors. Read
13 No right to compensation for loss of office. Read
14 Application of Act 1 of 1956. Read
15 Duties of excise. Read
16 Crediting of proceeds of duty to Consolidated Fund of India. Read
17 Grants and loans by the Central Government. Read
18 Oil Industry Development Fund. Read
19 Power to borrow. Read
20 Accounts and audit. Read
21 Power to require persons engaged in oil industry to maintain and produce books, accounts and records relating to business and inspection thereof. Read
22 Directions by the Central Government. Read
22A Omitted..Read
23 PenaltiesRead
24 Other penalties.Read
25 Offences by companies.Read
26 Jurisdiction of courts.Read
27 Previous sanction of Central Government.Read
28 Protection of action taken in good faith.Read
29 Dissolution of the BoardRead
30 Act to have overriding effect.Read
31 Power to make rules.Read
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