PART V
AMENDMENTS TO THE OIL INDUSTRY (DEVELOPMENT) ACT, 1974
Commencement of this Part.
137. The provisions of this Part shall come into force on the 1st day of April, 2017.
Notes on Clauses:
Clauses 137 and 138 of the Bill seek to amend section 18 of the Oil Industry (Development) Act, 1974 relating to Oil Industry Development Fund.
Sub-section (2) of section 18 of the said Act provides for application of the Oil Industry Development Fund for certain purposes. It is proposed to expand the scope of the said section, so as to utilise the said Fund for meeting any expenditure incurred by any Central Public Sector Undertaking in the oil and gas sector, on behalf of the Central Government and for meeting expenditure on any scheme or activity by the Central Government relating to oil and gas sector.
This amendment will come into force from 1st April, 2017.
