Advance remittance limits for import of services relaxed, bank guarantees required above higher threshold and beneficiary obligations enforced. Advance remittances for import of services may be made without a bank guarantee up to a raised threshold, with AD Category I banks authorised to adopt Board approved guidelines for such cases; amounts exceeding that threshold require a guarantee from an internationally reputed overseas bank or an AD Category I bank in India backed by an overseas counter guarantee. AD Category I banks must ensure beneficiaries perform contractual obligations and repatriate funds if obligations are not met.
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Provisions expressly mentioned in the judgment/order text.
Advance remittance limits for import of services relaxed, bank guarantees required above higher threshold and beneficiary obligations enforced.
Advance remittances for import of services may be made without a bank guarantee up to a raised threshold, with AD Category I banks authorised to adopt Board approved guidelines for such cases; amounts exceeding that threshold require a guarantee from an internationally reputed overseas bank or an AD Category I bank in India backed by an overseas counter guarantee. AD Category I banks must ensure beneficiaries perform contractual obligations and repatriate funds if obligations are not met.
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