Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Issuance of bank guarantees for import of services limited to USD 100,000, subject to bona fide checks and reporting</h1> Authorises AD Category-I banks to issue bank guarantees on behalf of customers importing services for bona fide transactions, limited to USD 100,000 per guarantee; requires the bank to be satisfied as to bonafides, obtain documentary evidence of the service import in the normal course, and ensure the guarantee secures a direct contractual liability between a resident and a non-resident, with a reporting obligation to RBI's Foreign Exchange Department upon any invocation describing circumstances leading to invocation.
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