Section 31 in Oil Industry (Development) Rules, 1975
31. Accounts of Board.
(1)The Board shall, in respect of each financial year prepare annual statements of accounts as specified in schedules II and III to these rules or as near to them as possible.(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)
