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          <h1>Finance Act 2017 amends Oil Industry Act 1974: New clauses allow fund use for public sector oil and gas projects.</h1> Section 18 of the Oil Industry (Development) Act, 1974, has been amended by the Finance Act, 2017. The amendment introduces two new clauses to sub-section (2). Clause (e) permits the use of funds to cover expenditures incurred by any Central Public Sector Undertaking in the oil and gas sector on behalf of the Central Government. Clause (f) allows for the allocation of funds for any scheme or activity related to the oil and gas sector undertaken by the Central Government.

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