612 the amount of petroleum produced and saveddue to

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6.1.2 The amount of Petroleum Produced and Saveddue to the Government and the Contractor as well as to each constituent of the Contractor in the Quarter in question. 6.2 The Income of each Quarter shall be submitted to Government not later than thirty (30) days after the end of such Quarter. 6.3 An Annual Statement of Income shall be submitted as part of End of Year Statement under Section 7of this Accounting Procedure within ninety (90) days after the end of each Year.
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80 SECTION-7 END OF YEAR STATEMENT 7.1.1 The Contractor shall prepare a definitive End of Year Statement. The Statement shall contain aggregatedinformation in the same format as required in the Production Statement, Value of Production and PricingStatement, Statement of income, but shall be based on actual quantities of Petroleum produced and income accrued. Based upon this Statement, any adjustments that are necessary shall be made to thetransactions concerned under the Contract. 7.1.2 End of Year Statement shall further contain the item wise justification for the variation between the actual income earned and included in the Statement of Income vis-a-vis the income estimates. 7.1.3 The Contractor shall prepare and submit memorandum joint venture accounts which may be adapted from Schedule III of the Companies Act, 2013 to indicate the value of Petroleum Produced and Saved, RevenueShare, etc. 7.2 The End of Year Statement for each Year shall be duly audited under Article 24.4 and submitted toGovernment within ninety (90) days of the end of such Year.Such audited statement shall report inter-alia: (a) Conflict of interest prior to conduct of audit assignment; (b) Issues of Internal control, fixed assets and fraud as per CARO 2003; (c) Quantitative details of Oil, Gas and Condensate as per Schedule III of the Companies Act 2013. As part of the audit report, the audit should validate:- (i) Computation and remittance of License fee, Royalty on Oil &Gas and Government share of Revenue (ii) Invoice wise Sales / Revenue schedule and its valuation as per Contract provisions, if applicable. 7.3 For the purpose of calculating End of Year Statement, Net Income shall mean: (a) The "Net Income" of the Contractor from their Petroleum Operations in any particular Year is the aggregatevalue for the Year of the following: (i) Total Value of Petroleum Less (ii) Royalty Less (iii) Government share of revenue Less (iv) All expenditures (operating expenditure, exploration expenditure, development expenditure) SECTION-8 LOCALPROCUREMENTSTATEMENT 8.1 InfurtheranceoftheobligationinArticle22oftheContractfortheContractortogivepreferencetothe procurementofIndiangoodsandservices,theContractorshallprepareinrespectofeach Yearalocal procurementstatement,containingthefollowinginformation:
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81 (a) theamountofexpenditureincurredbytheContractordirectly,orindirectlythroughitsSubcontractors, ongoodssupplied,producedormanufacturedinIndia; (b) theamountofexpenditureincurredbytheContractordirectly,orindirectlythroughitsSubcontractors, onservicesprovidedbyIndianentities; (c) therespectivepercentagesthattheexpendituresrecordedunderitems(a)and(b)aboverepresent
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