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.