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of <h1>Banks Can Now Issue Guarantees Up to $500K for Resident Service Importers, Excluding Public Sector Companies.</h1> The circular addresses Authorized Dealer Category-I banks, informing them of an increase in the limit for issuing bank guarantees on behalf of resident service importers to non-resident service providers. The limit has been raised from USD 100,000 to USD 500,000, excluding public sector companies or government undertakings, which still require Ministry of Finance approval for amounts exceeding USD 100,000. The banks must ensure the transaction's authenticity, require documentary evidence, and the guarantee should secure a direct contractual liability. All other conditions from the previous circular remain unchanged, and amendments to related regulations are forthcoming.
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