Amendment status not verified — confirm the current text below against the official source.
(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; (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.