Section 23 in The Petroleum and Natural Gas Rules, 1959
23. Fees, etc., payable by due date. - (1) All license fees, lease fees, royalties and other payments under these rules shall, if not paid to [the Central Government or the State Government, as the case may be] within the time specified for such payment, be increased by [a penal rate of 200 (two hundred) basis points over the prime lending rate of State Bank of India for the delayed period.] [ Substituted by G.S.R. 295(E), dated 1.4.2003.]
(2)Subject to these rules, if any license fee, lease fee, royalty or other payment due in respect of a license or a lease is in arrears for more than three months, [the Central Government or, as the case may be, the State Government with the prior approval of the Central Government, may] [Substituted by G.S.R. 371, dated 9.3.1966. ] cancel such license or lease and such cancellation shall be published in the Official Gazette and shall take affect from the date of such publication.
