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of <h1>RBI Raises Guarantee Limit for Service Importers to USD 500,000 for Authorized Dealer Category-I Banks.</h1> The Reserve Bank of India has revised regulations to allow Authorized Dealer Category-I banks to issue guarantees up to USD 500,000 for resident service importers engaging with non-resident service providers. This increase from the previous USD 100,000 limit aims to liberalize service import procedures, excluding public sector entities or government departments, which still require Ministry of Finance approval for guarantees above USD 100,000. Banks must ensure the transaction's authenticity, obtain documentary evidence for service imports, and confirm that the guarantee secures a direct contractual liability. Existing conditions from a prior circular remain unchanged, and necessary regulatory amendments are forthcoming.
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