Para 11 - Closure of the account - Site Restoration Fund Scheme, 1999

Closure of the account. 11. (1) Closure of the account shall be permitted only after receipt of a certificate from the Ministry of Petroleum and Natural Gas or any agency authorised by the Ministry of Petroleum and Natural Gas in this behalf, to the effect that all necessary site restoration has been completed to its satisfaction and such certificate shall specify the amount payable to the Central Government by way of profit or production share as provided in the agreement referred to in section 42 of the Income-tax Act, 1961. (2) Application for closure of the account shall be made by the depositor in Form F along with the certificate mentioned in sub-paragraph (1) and a certificate from the Assessing Officer having jurisdiction over the depositor under the Income-tax Act, 1961, in Form G quantifying the amount of income-tax, if any, payable by the depositor on withdrawal consequent upon closure of the account. (3) On the closure of an account in terms of sub-paragraph (1), the balance lying to the credit of the depositor shall be disbursed as follows :— ( a ) first, a portion of the balance calculated as follows shall be paid to the Ministry of Petroleum and Natural Gas :— balance x % at which the Central Government was entitled to share the total profit petroleum in the last year of production before the closure of account in accordance with the agreement; ( b ) second, out of the balance, after disbursement mentioned in clause ( a ) of this sub-paragraph, income-tax, as quantified by the Assessing Officer, shall be deposited; ( c ) thirdly, the residue left after disbursements mentioned in clauses ( a ) and ( b ) of this sub-paragraph, shall be paid to the depositor by credit to designated account. (4) On receipt of the application mentioned in sub-paragraph (2) of this paragraph, the deposit office shall disburse the amount of balance (including interest accrued on the last day of the month preceding the month in which the said application has been made) lying to the credit of the depositor in accordance with sub-paragraph (3) above.