Petroleum and Natural Gas Regulatory Board, Act : Fund. Indian Bare Acts :

Petroleum and Natural Gas Regulatory Board, Act,2006

Act No : 19

Section : Fund.

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.