(1) There shall be constituted a Fund to be called the Petroleum and Natural Gas Regulatory Board Fund and there shall be credited thereto--
(i) all grants, fees, penalties and charges received by the Board under this Act;
(ii) all sums received by the Board from such other sources as may be approved by the Central Government.
(2) The Fund shall be applied for making payments towards--
(i) the salaries and allowances payable to the Chairperson and other members and the administrative expenses including the salaries, allowances and pensions payable to the officers and employees of the Board;
(ii) the expenses incurred or to be incurred in carrying out the provisions of this Act.
(3) The Central Government shall--
(i) constitute a committee consisting of such persons as it thinks fit to recommend to that Government the budgetary requirements of the Board for salaries, allowances and all other expenses; and
(ii) fix the budgetary ceiling of the Board on the basis of the recommendations of the committee.