Guarantee limits for service imports set, with stricter prior approval requirements for public sector importers. Guarantees may be issued in favour of a non-resident service provider on behalf of a resident service importer, subject to Reserve Bank terms and conditions. Monetary ceilings apply and where the service importer is a public sector company or government department/undertaking, prior approval of the Ministry of Finance is required for guarantees exceeding the lower ceiling. 'Public Sector Company' is defined by reference to the Companies Act. The amendment is given retrospective effect with a clarification that no person will be adversely affected.
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 limits for service imports set, with stricter prior approval requirements for public sector importers.
Guarantees may be issued in favour of a non-resident service provider on behalf of a resident service importer, subject to Reserve Bank terms and conditions. Monetary ceilings apply and where the service importer is a public sector company or government department/undertaking, prior approval of the Ministry of Finance is required for guarantees exceeding the lower ceiling. "Public Sector Company" is defined by reference to the Companies Act. The amendment is given retrospective effect with a clarification that no person will be adversely affected.
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