Act Number: 3

Act Name: The Indian Institute of Petroleum and Energy Act

Year: 2018

Enactment Date: 2018-01-05

Long Title: An Act to declare the institution known as the Indian Institute of Petroleum and Energy to be an institution of national importance and to provide for its incorporation and for matters connected therewith or incidental thereto

Ministry: Ministry of Petroleum and Natural Gas

Department:

Section 24: Fund of Institute.
    (1) The Institute shall maintain a fund to which shall be credited—
         (a) all moneys provided by the Central Government;
         (b) all fees and other charges;
         (c) all moneys received by the Institute by way of grants, gifts, donations, benefactions, bequests or transfers; and
        (d) all moneys received by the Institute in any other manner or from any other source.
     (2) All moneys credited to the fund shall be deposited in such banks or invested in such manner as may be decided by the Board.
     (3) The fund shall be applied towards meeting the expenses of the Institute including expenses incurred in the exercise of its powers and discharge of its duties under this Act.
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