Act Number: 47

Act Name: The Oil Industry (Development) Act, 1974

Year: 1974

Enactment Date: 1974-09-26

Long Title: 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: Ministry of Petroleum and Natural Gas

Department:

Section 16: Crediting of proceeds of duty to Consolidated Fund of India.
    The proceeds of the duties of excise levied under section 15 shall first be credited to the Consolidated Fund of India and the Central Government may, if Parliament by appropriation made by law in this behalf, so provides, pay to the Board from time to time, from out of such proceeds, after deducting the expenses of collection, such sums of money as it may think fit for being utilised exclusively for the purposes of this Act.
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