Corporate guarantee in lieu of bid bond allowed for exporters, limited to prescribed proportion of contract value; PEM compliance required. Exporters are permitted to furnish a corporate guarantee in lieu of a bid bond when bidding for projects abroad, including service contracts, subject to a cap at a prescribed proportion of the contract value and compliance with Memorandum PEM and other RBI instructions; authorised dealers must notify constituents and implement amendments to the FEMA notification framework as indicated.
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.
Corporate guarantee in lieu of bid bond allowed for exporters, limited to prescribed proportion of contract value; PEM compliance required.
Exporters are permitted to furnish a corporate guarantee in lieu of a bid bond when bidding for projects abroad, including service contracts, subject to a cap at a prescribed proportion of the contract value and compliance with Memorandum PEM and other RBI instructions; authorised dealers must notify constituents and implement amendments to the FEMA notification framework as indicated.
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