Foreign exchange payments for oil exploration: banks may permit cash call payments subject to production agreement verification and tax clearance. Authorised Dealer Category I banks may permit payments towards cash calls to Operators for oil exploration by credit to approved foreign currency or rupee accounts in India or by remittance overseas, provided the bank obtains and retains the production sharing agreement, secures tax clearance evidence (tax NOC or paid challans or CA certificate and undertaking), and is satisfied as to the bonafides of the transaction under FEMA; the directions operate without prejudice to other statutory permissions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Foreign exchange payments for oil exploration: banks may permit cash call payments subject to production agreement verification and tax clearance.
Authorised Dealer Category I banks may permit payments towards cash calls to Operators for oil exploration by credit to approved foreign currency or rupee accounts in India or by remittance overseas, provided the bank obtains and retains the production sharing agreement, secures tax clearance evidence (tax NOC or paid challans or CA certificate and undertaking), and is satisfied as to the bonafides of the transaction under FEMA; the directions operate without prejudice to other statutory permissions.
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