Section List

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