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of <h1>RBI Alerts Banks on Non-Compliant Guarantees by Non-Residents; Ensure FEMA Compliance u/ss 10(4) & 11(1.</h1> The Reserve Bank of India (RBI) has identified instances where guarantees, including Standby Letters of Credit and performance guarantees, issued by non-residents to residents in India are not compliant with existing FEMA regulations. Authorized Dealer Category-I banks are instructed to ensure that guarantee contracts they advise for their resident clients adhere to FEMA guidelines. This directive is issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999, and banks are required to inform their clients accordingly.
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