Bank guarantees for foreign airlines may be issued by authorised dealer banks without prior RBI approval, subject to reporting. Authorised dealer banks are permitted to issue bank guarantees in favour of foreign airlines or IATA on behalf of IATA approved travel agents without prior Reserve Bank approval; if a guarantee is invoked the AD bank must send a detailed report to the Chief General Manager, Foreign Exchange Department, Reserve Bank of India, explaining the circumstances leading to invocation, and amendments to the Foreign Exchange Management (Guarantees) Regulations, 2000 will be issued to reflect this delegation.
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.
Bank guarantees for foreign airlines may be issued by authorised dealer banks without prior RBI approval, subject to reporting.
Authorised dealer banks are permitted to issue bank guarantees in favour of foreign airlines or IATA on behalf of IATA approved travel agents without prior Reserve Bank approval; if a guarantee is invoked the AD bank must send a detailed report to the Chief General Manager, Foreign Exchange Department, Reserve Bank of India, explaining the circumstances leading to invocation, and amendments to the Foreign Exchange Management (Guarantees) Regulations, 2000 will be issued to reflect this delegation.
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