Guarantees involving non-residents are prohibited for residents unless permitted by law with explicit authorised permission. Residents of India are prohibited from acting as principal debtor, surety or creditor to any guarantee where another party is resident outside India, ... Summary
Guarantees involving non-residents are prohibited for residents unless permitted by law with explicit authorised permission.
Residents of India are prohibited from acting as principal debtor, surety or creditor to any guarantee where another party is resident outside India, except where authorised by the Act, rules, regulations or directions thereunder or with general or special permission of the Reserve Bank of India.
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