TMI BlogThe Cost Accounting Records (Petroleum Industry) Rules, 2011X X X X Extracts X X X X X X X X Extracts X X X X ..... s done or omitted to be done before such supersession, the Central Government hereby makes the following rules, namely: ‐ 1. Short Title and Commencement, (1) These rules may be called the Cost Accounting Records (Petroleum Industry) Rules, 2011. (2) They shall come into force on the date of their publication in the Official Gazette. 2. Definitions and Interpretations, In these rules, unless otherwise requires,‐‐ (a) Act means the Companies Act, 1956 (1 of 1956); (b) compliance report means the compliance report duly authenticated and signed by a cost accountant in the specified form of compliance report; (c) Cost Accountant for the purpose of these rules means a cost accountant as defined in cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 06)] or Biogas or any other petroleum products, or included under Chapter 27 of the Central Excise Tariff Act, 1985 (5 of 1986), including the intermediate products and articles or allied products or activities thereof and includes storage, transportation or distribution of crude oil or gases or biogas or any or all of the petroleum products; (k) product means any tangible or intangible good, material, substance, article, idea, know‐how, method, information, object, service, etc. that is the result of human, mechanical, industrial, chemical, or natural act, process, procedure, function, operation, technique, or treatment and is intended for use, consumption, sale, transport, store, delivery or disposal; (l) product group in re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of rupees; or wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds twenty crores of rupees; or wherein the company s equity or debt securities are listed or are in the process of listing on any stock exchange, whether in India or outside India: Provided that these rules shall not apply to a body corporate governed by any special Act. 4. Maintenance of records, (1 ) Every company to which these rules apply, including all units and branches thereof shall, in respect of each of its financial year commencing on or after the date of this notification, keep cost records and the books of account so maintained shall contai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clearly indicated and explained. (6) All such cost records, cost statements and reconciliation statements, maintained under these rules, relating to a period of not less than eight financial years immediately preceding a financial year or where the company had been in existence for a period less than eight years, in respect of all the preceding years shall be kept in good order. (7) Every person, referred to in sub‐section (6) and (7) of section 209 of the Companies Act, 1956 (1 of 1956), shall take all reasonable steps to secure compliance by the company with the provisions of these rules in the same manner as he is liable to maintain accounts required under sub‐section (1) of section 209 of the said Act. 5. Form ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ost Accounting Records (Petroleum Industry) Rules, 2002, shall not in any way affect‐ (a) any right, obligation or liabilities acquired, accrued or incurred thereunder; (b) any penalty, forfeiture or punishment incurred in respect of any contravention committed thereunder; and (c) any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty, forfeiture or punishment as aforesaid, and; any such investigation, legal proceeding or remedy may be instituted, continued or enforced and any such penalty, forfeiture or punishment may be imposed as if those rules had not been superseded. To View Full Notification Click Here Cost Accounting Records (Petroleum Industry) Ru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y‐wise cost statements and schedules thereto in respect of the product groups or activities are or are not kept in the company. 4 In my or our opinion, the said books and records give or do not give the information required by the Companies Act, 1956 in the manner so required. 5 In my or our opinion, the said books and records are or are not in conformity with the generally accepted cost accounting principles and cost accounting standards issued by The Institute of Cost and Works Accountants of India, to the extent these are found to be relevant and applicable. Dated: this ____ day of _________ 20__ at _________________ (mention name of place of signing this report) SIGNATURE AND SEAL OF THE COST ACCOUNTANT (S) MEMBER ..... X X X X Extracts X X X X X X X X Extracts X X X X
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