Bank Guarantee Undertaking secures unconditional payment on demand for breaches of import/export authorisation obligations under foreign trade scheme. Bank guarantees under the Foreign Trade Policy constitute an unconditional and irrevocable bank undertaking to pay the Government on demand for loss or damage due to breach of an import/export Authorisation; such demands are conclusive and payable without reference to disputes. The guarantee continues until the licensing authority certifies discharge or until the prescribed claim/validity period lapses, must be kept alive or renewed as required by the scheme, is not discharged by changes in parties' constitution, and cannot be revoked without the Government's written consent.