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The Oil Pool Account is the buffer maintained by the Government of India that takes care of the fluctuations in the price of of petroleum products with the help of surcharges collected on sales and enables it to make the products available at stable prices decided by it over long periods. The difference in the inflows and the outflows of funds result in a surplus or deficit in the oil pool account.
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∙ 15y ago
An oil pool account is a designated fund that holds revenue generated from the production and sale of oil. This account is typically used to manage and distribute funds among stakeholders involved in oil production, such as investors, operators, and royalty owners. It helps track the financial performance of a specific oil field or project.
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Is it illegal to authorize money to be taken out of your account and then close account there after?
It is not illegal to authorize money to be taken out of your account and then close the account. However, if the money has been withdrawn and there are outstanding charges or payments, it is your responsibility to settle them even if the account has been closed. It is advisable to communicate with the recipient of the funds to resolve any outstanding issues.
What are laws with siblings sharing a bank account and one takes all the money out but the other was who the money belonged too?
If both siblings are listed as joint owners of the bank account, then legally both have equal rights to the funds in the account. If one sibling takes all the money without permission, it could be considered theft. The other sibling can seek legal recourse by reporting the incident to the bank and potentially involving legal authorities.
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Upon your father's death, his half of the joint bank account would typically pass directly to your sister as the surviving account holder. It would not be included in his estate and would not go through probate.
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What do you mean by oil pool account?
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lkm,k
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