Oil Industry (Development) (Amendment) Rules 2021

Nov 25, 2021 | by TeamLease RegTech Legal Research Team

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Industry Specific Compliance

The Ministry of Petroleum and Natural Gas (MoPNG)  on November 23, 2021 has issued the Oil Industry (Development) 9Amendment) Rules 2021 to further amend the Oil Industry (Development) Rules, 1975.

The following amendment has been made:

• In rule 32, which specifies Deposit of Funds in Banks and Investments of such funds, has been substituted, namely:

“(1) The Board may decide about the manner and place of deposit of funds, provided that the deposit shall be made in the Scheduled Commercial Banks, as may be decided by the Board.” 

[Notification No. G.S.R. 829(E)]

 


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