Bank guarantees for service imports: limit raised to USD 500,000, subject to bank satisfaction, documentation, and contractual security. Authorised Dealer Category I banks may issue guarantees up to USD 500,000 for resident service importers in favour of non resident service providers, provided the bank is satisfied about the bonafides, documentary evidence of import of services is ensured, and the guarantee secures a direct contractual liability; Public Sector Companies and Government Departments/Undertakings require government approval for guarantees exceeding USD 100,000.
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Provisions expressly mentioned in the judgment/order text.
Bank guarantees for service imports: limit raised to USD 500,000, subject to bank satisfaction, documentation, and contractual security.
Authorised Dealer Category I banks may issue guarantees up to USD 500,000 for resident service importers in favour of non resident service providers, provided the bank is satisfied about the bonafides, documentary evidence of import of services is ensured, and the guarantee secures a direct contractual liability; Public Sector Companies and Government Departments/Undertakings require government approval for guarantees exceeding USD 100,000.
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