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The Petroleum and Natural Gas Regulatory Board Act, 2006

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; and

             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.

The Petroleum and Natural Gas Regulatory Board Act, 2006 Back

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