Act Number: 19

Act Name: The Petroleum and Natural Gas Regulatory Board Act, 2006

Year: 2006

Enactment Date: 2006-03-31

Long Title: An Act to provide for the establishment of Petroleum and Natural Gas Regulatory Board to regulate the refining, processing, storage, transportation, distribution, marketing and sale of petroleum, petroleum products and natural gas excluding production of crude oil and natural gas so as to protect the interests of consumers and entities engaged in specified activities relating to petroleum, petroleum products and natural gas and to ensure uninterrupted and adequate supply of petroleum, petroleum products and natural gas in all parts of the country and to promote competitive markets and for matters connected therewith or incidental thereto.

Ministry: Ministry of Petroleum and Natural Gas

Department:

Section 39: Fund.
    (1) There shall be constituted a Fund to be called the Petroleum and Natural Gas Regulatory Board Fund and there shall be credited thereto--
         (i) all grants, fees, penalties and charges received by the Board under this Act;
         (ii) all sums received by the Board from such other sources as may be approved by the Central Government.
     (2) The Fund shall be applied for making payments towards--
         (i) the salaries and allowances payable to the Chairperson and other members and the administrative expenses including the salaries, allowances and pensions payable to the officers and employees of the Board;
         (ii) the expenses incurred or to be incurred in carrying out the provisions of this Act.
     (3) The Central Government shall--
         (i) constitute a committee consisting of such persons as it thinks fit to recommend to that Government the budgetary requirements of the Board for salaries, allowances and all other expenses; and
         (ii) fix the budgetary ceiling of the Board on the basis of the recommendations of the committee.
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