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of <h1>Banks Authorized to Facilitate Oil Exploration Payments Under FEMA, 1999 Guidelines in India.</h1> The circular addresses payments for Cash Calls related to oil exploration in India, involving agreements between the Ministry of Petroleum and Natural Gas and various consortia. Authorized Dealer Category - I banks are now permitted to facilitate these payments to Operators, either through foreign currency or Rupee accounts or via overseas remittance, subject to certain conditions. These include ensuring compliance with the production sharing agreement, obtaining necessary tax documentation, and verifying the legitimacy of transactions under FEMA, 1999. The circular's directives are issued under relevant sections of the Foreign Exchange Management Act, 1999, and must be communicated to relevant parties.
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