https://www.taxtmi.com/circulars?id=2672 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. en-us Thu, 24 May 2007 00:00:00 +0530 Mon, 13 Oct 2008 10:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=2672 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. Circulars FEMA Thu, 24 May 2007 00:00:00 +0530 https://www.taxtmi.com/circulars?id=2672