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The Oil Industry (Development) Act, 1974

Central

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.

Act number
47 of 1974
Ministry
Ministry of Petroleum and Natural Gas
Enacted
26 Sep 1974

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

34 sections

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