Section 31(2) in Oil Industry (Development) Rules, 1975
(2)The Board shall keep proper books of accounts including a journal and ledger with reference to-(a)all sums or many received and expended by the Board and the transaction in respect of which the receipt and expenditure take place;(b)all sales and purchases of goods by the Board;(c)the assets and liabilities of the Board;(d)detailed subsidiary records showing particulars of-(i)disbursement and recoveries of loans and advances by it in pursuance of the provisions of the act;(ii)all guarantees given by it;(iii)investments made by it in pursuance of or underwriting obligations or otherwise.(GSR 489(E) dated 28th July, 2004)
