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of <h1>Foreign Firm Employees in India Can Use Employer Guarantee for Duty Concessions Instead of Bank Guarantee.</h1> Employees of foreign firms investing in or operating in India who have availed of the Transfer of Residence (T.R.) benefit face difficulties when making short visits abroad within their first year in India due to the requirement of furnishing a bank guarantee for duty concessions. The Ministry of Finance has decided that for employees of reputable firms with Reserve Bank of India permits, a plain paper guarantee from the employing firm can replace the bank guarantee. This standing guarantee will cover duty concessions, and Customs Houses are to monitor and report on the effectiveness of this procedural relaxation every six months.
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