Non-resident guarantees allowed for non-fund based rupee facilities between resident entities with mandated reporting requirements. The Reserve Bank extends general permission for non-resident guarantees to support non-fund based rupee facilities between two residents, noting no foreign exchange event occurs until invocation; discharge and repayment shall follow existing FEMA notification procedures. Authorized Dealer Category I banks must submit consolidated quarterly reports of such guarantees issued and invoked, in the prescribed annex and Excel format, to the RBI ECB Division by the 10th of the following month. The policy is effective from the circular date and subject to future review.
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.
Non-resident guarantees allowed for non-fund based rupee facilities between resident entities with mandated reporting requirements.
The Reserve Bank extends general permission for non-resident guarantees to support non-fund based rupee facilities between two residents, noting no foreign exchange event occurs until invocation; discharge and repayment shall follow existing FEMA notification procedures. Authorized Dealer Category I banks must submit consolidated quarterly reports of such guarantees issued and invoked, in the prescribed annex and Excel format, to the RBI ECB Division by the 10th of the following month. The policy is effective from the circular date and subject to future review.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
