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of <h1>Finance Bill 2017 amends Oil Industry Act to expand fund use for public sector oil and gas projects.</h1> Clauses 137 and 138 of the Finance Bill, 2017 propose amendments to section 18 of the Oil Industry (Development) Act, 1974. These amendments aim to broaden the application of the Oil Industry Development Fund, allowing its use for expenses incurred by Central Public Sector Undertakings in the oil and gas sector on behalf of the Central Government. Additionally, the fund may be used for any government-related schemes or activities in the oil and gas sector. These provisions are set to take effect on April 1, 2017.
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