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**Report on the Oil Industry Development Amendment Rules, 2021**
**1. Executive Summary:**
This report analyzes the Oil Industry Development Amendment Rules, 2021, which amends the Oil Industry Development Rules, 1975. The key change involves modifying the rules regarding the deposit of funds by the Oil Industry Development Board. The amendment grants the Board the authority to decide the manner and place of deposit of funds, specifying that such deposits shall be made in Scheduled Commercial Banks, as determined by the Board. This report details the background, key changes, and likely impact of this amendment.
**2. Introduction:**
The purpose of this report is to provide an informative overview of the Oil Industry Development Amendment Rules, 2021, based solely on the text of the official notification. It aims to clarify the amendment's nature, implications, and potential impact on relevant stakeholders, specifically regarding the management of funds by the Oil Industry Development Board.
**3. Policy Overview:**
* **Amendment:** This is an amendment to the Oil Industry Development Rules, 1975.
* **Core Objective:** The core objective of *this specific amendment* is to revise the rules governing the Oil Industry Development Board's (the Board) handling of funds, specifically concerning the deposit of those funds.
**4. Background and Rationale:**
The rationale for this amendment likely stems from a need to provide the Oil Industry Development Board with greater flexibility and autonomy in managing its funds. The previous rule (prior to this amendment) must have been seen as overly restrictive, prompting a change to allow the Board to decide the “manner and place of deposit”. By specifying Scheduled Commercial Banks as the default option, the amendment seeks to balance flexibility with a measure of security and regulatory oversight.
**5. Key Provisions / Changes:**
* **Specific Part of Original Policy Changed:** Sub-rule 32 of the Oil Industry Development Rules, 1975 is being changed.
* **New Rule/Provision:** The new rule states: "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."
* **Difference/Effect of the Change:** Previously, the rules may have specified particular institutions or limited the Board's discretion in deciding where to deposit funds. This amendment grants the Board explicit authority to determine the manner and place of deposit, provided that the deposits are made in Scheduled Commercial Banks. This increases the Board's autonomy in financial management while maintaining a level of security by restricting deposits to Scheduled Commercial Banks.
**6. Target Audience and Stakeholders:**
The primary target audience and stakeholders directly affected by this amendment are:
* The Oil Industry Development Board (specifically its members and administrators).
* Scheduled Commercial Banks.
* Entities contributing to or benefiting from the Oil Industry Development Fund.
* Ministry of Petroleum and Natural Gas.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency:** The Oil Industry Development Board is the primary responsible body for implementing this change.
* **Timelines/Procedures:** The amendment came into force on the date of its publication in the Official Gazette (November 23, 2021). The Board must now establish internal procedures for deciding the "manner and place" of fund deposits, ensuring compliance with the requirement to deposit in Scheduled Commercial Banks.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcome of this amendment is to:
* Enhance the Oil Industry Development Board's efficiency and responsiveness in managing its funds.
* Allow the Board to optimize its investment strategies within the constraint of Scheduled Commercial Banks.
* Streamline the financial operations of the Oil Industry Development Fund.
* Potentially increase returns on deposited funds, contributing to the Fund's overall growth.
**9. Conclusion:**
The Oil Industry Development Amendment Rules, 2021, represent a targeted adjustment to the regulations governing the Oil Industry Development Board's financial operations. By granting the Board greater autonomy in deciding the manner and place of fund deposits (within the confines of Scheduled Commercial Banks), the amendment is likely intended to improve the Board's efficiency and effectiveness in managing the Oil Industry Development Fund. This change signals a move towards more flexible financial management practices within the oil industry's regulatory framework.
Key Entities Referenced
Ministry of Petroleum and Natural Gas: The Indian government ministry responsible for the regulation and development of the petroleum and natural gas sector.
New Delhi: The capital city of India, where the notification was issued.
Oil Industry Development Act, 1974: An Indian law that provides for the development of the oil industry.
Oil Industry Development Rules, 1975: The rules framed under the Oil Industry Development Act, 1974, governing the oil industry's development.
Oil Industry Development Amendment Rules 2021: The amendment to the Oil Industry Development Rules, 1975.
Official Gazette: The official government publication where legal notices and regulations are published.
Scheduled Commercial Banks: Banks included in the Second Schedule to the Reserve Bank of India Act, 1934.
Gazette of India: The official journal of the government of India, publishing official rules and notifications.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
xxxGIDHxxx
सी.जी.-डी.एxलxx.G-अID.E-x2x4x 112021-231319
CG-DL-E-24112021-231319
असाधारण
EXTRAORDINARY
भाग II—खण् ड 3—उप-खण्ड (i)
PART II—Section 3—Sub-section (i)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 670] नई ददल्ली, मगं लवार, नवम्ब र 23, 2021/अग्रहायण 2, 1943
No. 670] NEW DELHI, TUESDAY, NOVEMBER 23, 2021/AGRAHAYANA 2, 1943
परे ोजलयम और प्राकृजतक गसै मत्रं ालय
अजधसचू ना
नई ददल्ली, 23 नवंबर, 2021
सा.का.जन. 829 (अ).—केन्द रीय सरकार तले उद्योग (जवकास) अजधजनयम, 1974 (1974 का 47) की धारा 31
द्वारा प्रदत्त िजियों का प्रयोग करते हुए, तेल उद्योग (जवकास) जनयम, 1975 का संिोधन करने के जलए जनम्न जलजखत
जनयम बनाती ह ैअथाता ्:-
1. सजं िप्त नाम और प्रारंभ – (1) इन जनयमों का नाम तले उद्योग (जवकास) (संिोधन) जनयम, 2021 कहा िा सकता
ह।ै
(2) ये जनयम रािपत्र म ेंउनके प्रकािन की तारीख को प्रवृत्त होंगे।
2. तेल उद्योग (जवकास) जनयम, 1975 म ें (इसम ें इन्द ह ें मूल जनयम कहा िाएगा), जनयम 32 के उप-जनयम (1) म ें
जनम्न जलजखत प्रजतस्ट् थाजपत दकया िाएगा अथाात्:-
“(1) जनजध के िमा होन े के तरीकों और स्ट्थ ान के जवषय म ें बोड ा जवजनश् चय कर सकता ह,ै परन्दत ु जनजध को अनुसूजचत
बैंकों म ें िमा दकया िाएगा, िैसा दक बोडा द्वारा जवजनश् चय जलया िाएगा”।
[फा. सं. 11023(12)/1/2021-ई एक्स पी एल-I- पीएनिी (इ–38356)]
अरववद नाथ झा, उप सजचव
6771 GI/2021 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
नोट: - मलू जनयम भारत के रािपत्र, असाधारण, भाग II, खंड 3, उप-खंड (i) म ें सा.का.जन. 160 (अ) ददनांक 22 माचा,
1975 द्वारा प्रकाजित की गई थी और अजधसूचना संख्या सा.का.जन. 575(अ) ददनांक 22 जसतम् बर, 2020 द्वारा
अंजतम संिोधन दकया गया था।
MINISTRY OF PETROLEUM AND NATURAL GAS
NOTIFICATION
New Delhi, the 23rd November, 2021
G.S.R. 829(E).—In exercise of the powers conferred by section 31 of the Oil Industry
(Development) Act, 1974 ( 47 of 1974) the Central Government hereby makes the following Rules to
amend the Oil Industry (Development) Rules, 1975, 1975, namely:-
1. Short title and commencement. – (1) These rules may be called the Oil Industry (Development)
Amendment) Rules 2021.
(2) It shall come into force on the date of its publication in the Official Gazette.
2. In the Oil Industry (Development) Rules, 1975 (herein referred as Principal Rules), in sub-rule 32
the following shall be 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.”
[F. No. 11023(12)/1/2021-EXPL-I-PNG (E-38356)]
ARVIND NATH JHA, Dy. Secy.
Note: The Principal Rules were published in the Gazette of India, Part II section 3, sub-section (i) vide notification
number G.S.R 160 (E) dated 22nd March, 1975 and lastly amended vide notification number G.S.R. 575 (E),
Dated 22nd September, 2020.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.