Payment towards Cash Calls for the purpose of Oil exploration in India - आरबीआय - Reserve Bank of India
Payment towards Cash Calls for the purpose of Oil exploration in India
RBI/2006-2007/411 May 24, 2007 To, Payment towards Cash Calls for the purpose of Oil exploration 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 incurred by the Operator is reimbursed by the members of the consortium as per the production sharing agreement and is termed as Cash Calls. As per the extant guidelines, the payment to Operators towards Cash Calls requires prior approval of the Reserve Bank. (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, wherever applicable; and
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