During 19th century, use of petroleum was limited. Since petroleum is dangerous, India needed legislations for regulating petroleum. Finally Indian Petroleum Act, 1899 was passed. With the rapid developments in the use of petroleum that took place in subsequent years it became unsuitable in several ways. As early as 1903, the attention of the Government of India was drawn to the inconvenience arising from the existence in different provinces of separate sets of rules to regulate the importation, possession and transport of petroleum. In 1925-26 Local Governments and the interests concerned were consulted on the subject of revising the Indian Petroleum Act, 1899 and it was agreed by all the Local Governments that the rule-making power should be transferred to central Government. To achieve this objective the Petroleum Bill was introduced. Petroleum Bill having been passed by the Legislature received its assent on 6th September, 1934 and came into effect on 30th March, 1937. Petroleum Rules, 1976 were notified under this Act, however these rules were repealed by the Petroleum Rules, 2002. Like other Acts, person importing, transporting or storing needs to obtain license under this Act.
To understand the type of licenses we have to understand categories of petroleum first. Petroleum is divided in three categories: Read More
From India, Delhi
22To understand the type of licenses we have to understand categories of petroleum first. Petroleum is divided in three categories: Read More
From India, Delhi
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Press Release- Exemption from IGST on import of .pdf