Return of bank guarantees: licensing authorities must return original bank guarantees to banks upon redemption, informing licensees. Licensing authorities must return the original bank guarantee to the issuing bank on redemption of the case where the export obligation has been completed, with intimation to the licensee; this replaces the earlier practice of issuing a redemption letter and endorsing a copy to the bank, and follows consultation with the central banking authority.
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.
Return of bank guarantees: licensing authorities must return original bank guarantees to banks upon redemption, informing licensees.
Licensing authorities must return the original bank guarantee to the issuing bank on redemption of the case where the export obligation has been completed, with intimation to the licensee; this replaces the earlier practice of issuing a redemption letter and endorsing a copy to the bank, and follows consultation with the central banking authority.
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