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THE OIL INDUSTRY (DEVELOPMENT) ACT, 1974

Title : THE OIL INDUSTRY (DEVELOPMENT) ACT, 1974

Year : 1974



The Central Government may, by order notified in the Official Gazette, require all persons engaged in oil industry or any class of such persons-

(a) To maintain such books, accounts and records relating to their business as may be specified in the order;

(b) To produce such books, accounts and records for inspection and to furnish such information relating thereto to such officer or authority and at such times or in such circumstances as may be specified in the order.



The Board shall carry out such directions as may be issued to it from time to time by the Central Government for the efficient administration of this Act.

22A 1* Exemption from liability to pay income-tax.

Notwithstanding anything contained in the Income-tax Act, 1961 (43 of 1961), the Board shall not be liable to pay any income-tax on its income, profits or gains.

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1. Ins. by Act 29 of 1977, s. 37 (retrospectively).

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Any person who,-

(a) Being required under this Act to produce any books, accounts or records or furnish any information, fails to produce such books, accounts or records or fails to furnish such information or furnishes information which is false, and which he either knows or believes to be false, or does not believe to be true; or

(b) Obstructs any member or any officer or other employee of the Board or any person authorized in this behalf by the Central Government or by the Board in the exercise of any power conferred or in the discharge of any duty imposed on him by or under this Act, shall be punishable with imprisonment which may extend to one year, or with fine which may extend to one thousand rupees, or with both.



Whoever contravenes or attempts to contravene or abets the contravention of any of the provisions of this Act or of any rule made there under (other than the provisions for the contravention of which section 23 applies), shall be punishable with imprisonment for a term which may extend to three months, or with fine which may extend to five hundred rupees, or with both.



(1) Where an offence under this Act has been committed by a company, every person who, at the time the offence was committed, was in charge of, and was responsible to, the company for the conduct of the business of the company as well as the company shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly:

Provided
that nothing contained in this sub-section shall render any such person liable to any punishment, if he proves that the offence was committed without his knowledge or that he exercised all due diligence to prevent the commission of such offence.

(2) Notwithstanding anything contained in sub-section (1), where an offence under this Act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or is attributable to any neglect on the part of, any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall also be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly.

Explanation.-For the purposes of this section-

(a) "Company" means any body corporate and includes a firm or other association of individuals; and

(b) "Director", in relation to a firm, means a partner in the firm.



No court inferior to that of a Metropolitan Magistrate or a magistrate of the first class shall try any offence punishable under this Act.



No prosecution for any offence punishable under this Act shall be instituted except with the previous sanction of the Central Government.




No suit, prosecution or other legal proceeding shall lie against the Central Government or the Board or any committee constituted by the Board or any member of the Board or of such committee or any officer or other employee of the Central Government or of the Board or any agent of or any other person authorised by the Central Government or the Board, for anything which is in good faith done or intended to be done under this Act or the rules made there under.



(1) The Central Government may, if satisfied that it is necessary so to do in the public interest, direct by notification in the Official Gazette that the Board shall be dissolved from such date and for such period as may be specified in the notification.

(2) When the Board is dissolved under the provisions of sub-
section (1),-

(a) All members, notwithstanding that their term of office has not expired, shall, from the date of dissolution, vacate their offices as such members;

(b) All powers and duties of the Board shall, during the period of dissolution, be exercised and performed by such person or persons as the Central Government may appoint in this behalf;

(c) All funds and other properties vested in the Board shall, during the period of dissolution, vest in the Central Government.

(3) As soon as the period of dissolution expires, the Board shall be re-constituted in accordance with the provisions of this Act.



The provisions of this Act shall have effect, notwithstanding anything inconsistent therewith contained in any enactment other than this Act.



(1) The Central Government may, by notification in the Official Gazette, make rules to carry out the purposes of this Act.

(2) In particular and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:-

(a) The term of office and other conditions of service of members, the manner of filling vacancies among and the procedure to be followed in the discharge of their functions;

(b) The powers which may be exercised and the duties which shall be performed by the Secretary to the Board;

(c) The circumstances in which and the authority by which a member may be removed;

(d) The holding of a minimum number of meetings of the Board every year;

(e) The convening of meetings of the Board and of its committees, the procedure to be followed at the meetings of the Board and of its committees for the conduct of business and the number of members which shall form quorum at a meeting;

(f) The maintenance by the Board of records of business transacted by the Board and the submission of copies thereof to the Central Government;

(g) The powers of the Board, its Chairman and other members, Secretary and committees of the Board with respect to the incurring of expenditure;

(h) The conditions subject to which the Board may incur expenditure outside India;

(i) The preparation of budget estimates of receipts and expenditure of the Board and the authority by which the estimates are to be sanctioned;

(j) The form and manner in which the accounts should be kept by the Board;

(k) The custody and investment of the funds of the Board;

(l) The conditions to be observed by the Board in borrowing money;

(m) The conditions subject to which and the manner in which contracts may be entered into by or on behalf of the Board;

(n) The delegation to the Chairman, secretary or members or officers of the Board of any of the powers and duties of the Board under this Act;

(o) The additional measures for the promotion of which the
Board may render assistance;

(p) The remuneration and other allowances payable to the person or persons referred to in clause (b) of sub-section (2) of section 29;

(q) The fees which the Board may charge for any assistance or services rendered by it under this Act;

(r) The staff which may be employed by the Board and the pay and allowances and leave and other conditions of service of officers (other than those appointed by the Central Government) and other employees of the Board;

(s) Any other matter which is to be or may be prescribed or provided for by rules under this Act.

(3) Every rule made by the Central Government under this section shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.

Last updated on June, 2016

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