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of <h1>Bank guarantees for foreign airlines by AD banks for IATA-approved travel agents: no prior RBI approval; mandatory post-invocation reporting</h1> Authorised Dealer (AD) banks are authorized to issue bank guarantees in favor of foreign airline companies or IATA on behalf of IATA-approved travel agents, thereby removing the prior requirement of obtaining individual prior approval from RBI and permitting issuance in the ordinary course of business. Where such guarantees are invoked, the AD bank must submit a detailed report explaining the circumstances of invocation to RBI, creating a mandatory post-event reporting obligation. Amendments to the Foreign Exchange Management (Guarantees) Regulations, 2000 will be made to reflect this delegation, effectuating corresponding regulatory alignment.
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