Payment towards Cash Calls for the purpose of Oil exploration in India

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..... ration in India Authorised Dealer Category - I (AD Category - I) banks are aware that agreements are signed between the Ministry of Petroleum and Natural Gas with various consortia, both inland and foreign, for the purpose of exploration of oil and natural gas in India. These oil fields are explored by one of the members of the consortium known as the 'Operator'. The expenditure inc .....

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..... for payment towards cash calls is as per the production sharing agreement, a copy of which may be obtained by the AD category - I bank and kept on record; (ii) AD Category - I bank should obtain No Objection Certificate from the Income Tax Department / Tax paid challans / Chartered Accountant's certificate and Undertaking as per A. P. (DIR Series) Circular No. 56 dated November 26, 2002, whereve .....

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