 bi11 no m  1981 the oil industry (development) amendment bill, 1181 it billto amend the oil indmtry (development) act, 1974-be it enacted by parliament in the tbirty-secdnd year of the republic of india acj follows: - 1 this act may be called the oil industry (development) amend-short ment act, 1981 tille mentof the schedule  statement of objects and reasonsthe oil industry (development) act, 1974, provides 'tor the estab-lishment of a boa'l'd, called the "oil industry development board", for the development of the oil industry and for that purpose to levy a crllty of excise on crude oil and natural gas and for matters connected therewith sub-section (1) of section 15 of the said act, intet alia, empowers the central government to levy and collect a duty of excise on the crude oil at such rate, not exceeding the rate set forth in the schedule to the act, that is rupees one hundred per tonne, as the central government may, by notification in the oftkial gazette, specify according to the proviso to sub-section (1) ot said section 15, the auty of excise in respect of the crude oil is to be levied at the rate of rupees sixty per tonne until the rate is specified by notification by issue of a notification on july 13, 1981, the central government specified that the rate of duty of excise in respect of the crude ou would be at the rate of rupees one hundred per tonne, which is the maximum rate at which the duty of excise may be collected 2 it has now been decided to increase the above referred te maximum rate of duty on crude oil to rupees three hundred per tonne for the purpose of levy and collection the rate shall be specified from time to time by notification under sub-section (1) of said section 15 3 the bill seeks to achieve the above object new dblm; p c sliti'hi the 10th september, 1981 \  annexure extract from the on industry (de\'elol'ment) act, 1974 (47 of 1974) the schedule[see section ls(l)] | 81                | no    ||--------------------|--------|| name               |        || or                 |        || item               |        || the                |        || maximum            | ratio  || which              | duty   || oresdlo            | may    || becouected         |        || j                 |        || crude oil          |        || -                  |        || rupees one hundred |        || per                |        || tonne             |        || -                  |        || -                  |        || -                  |        || -                  |        || --------_          |        ||                  |        || _-                 |        |a bill to amend the oil industry (development) ad, 1974 ($hri p c sethi, minister of petroleum chemicgll and fertilizer • ) 