Guarantee definitions under FEMA regulations clarify parties, scope of obligations, and statutory cross reference for undefined terms. The regulations define Guarantee (including counter-guarantee) as any contract to perform a promise or discharge a debt, obligation or liability on default by the principal debtor, and identify Creditor, Surety, and Authorised dealer as the relevant parties while adopting the statutory meaning of International Financial Services Centre. Terms not defined take the meanings assigned in the Foreign Exchange Management Act, 1999 and subordinate legislation.
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.
Guarantee definitions under FEMA regulations clarify parties, scope of obligations, and statutory cross reference for undefined terms.
The regulations define Guarantee (including counter-guarantee) as any contract to perform a promise or discharge a debt, obligation or liability on default by the principal debtor, and identify Creditor, Surety, and Authorised dealer as the relevant parties while adopting the statutory meaning of International Financial Services Centre. Terms not defined take the meanings assigned in the Foreign Exchange Management Act, 1999 and subordinate legislation.
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