Guarantee permission requirement: Indian guarantees for foreign obligations must have prior central bank approval before NOC for remittance. Income tax officers must ensure an Indian concern has obtained prior Reserve Bank permission for giving guarantees on behalf of foreign collaborators before accepting such guarantees or issuing a 'No Objection Certificate' for remittances of royalty, technical know how fees or similar payments abroad.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Guarantee permission requirement: Indian guarantees for foreign obligations must have prior central bank approval before NOC for remittance.
Income tax officers must ensure an Indian concern has obtained prior Reserve Bank permission for giving guarantees on behalf of foreign collaborators before accepting such guarantees or issuing a 'No Objection Certificate' for remittances of royalty, technical know how fees or similar payments abroad.
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