Seeks to exempt crude oil, produced either in fields under PSCs or in the Exploration blocks offered under NELP, from National Calamity Contingent Duty, which has been levied under Section 136 of the Finance Act, 2001 read with clause 161 of the Finance Bill, 2003 - 012/2003 - Central Excise - Tariff

 Seeks to exempt crude oil, produced either in fields under PSCs or in the Exploration blocks offered under NELP, from National Calamity Contingent Duty, which has been levied under Section 136 of the Finance Act, 2001 read with clause 161 of the Finance Bill, 2003

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), read with section 136 of the Finance Act, 2001 (14 of 2001), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts, petroleum oils and oils obtained from bituminous minerals, crude, produced either in the fields under the Production Sharing Contracts, specified in column (2) of the Table below or in the exploration blocks offered under New Exploration Licensing Policy (NELP) through competitive international bidding, from whole of the National Calamity Contingent Duty leviable thereon under section 136 of the Finance Act, 2001, read with clause 161of the Finance Bill, 2003, which clause has, by virtue of the declaration made in the said Finance Bill under the Provisional Collection of Taxes Act,1931 (16 of 1931), the force of law.