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of <h1>RBI Amends FEMA 1999: Residents Can Reimburse Non-Resident Guarantors for Payments to Resident Creditors</h1> The Reserve Bank of India issued a notification amending a previous directive under the Foreign Exchange Management Act, 1999. The amendment allows a person residing in India, acting as a principal debtor, to reimburse a non-resident guarantor for payments made to a resident creditor under a guarantee. This reimbursement must not exceed the rupee equivalent of the amount paid by the non-resident guarantor. This change is effective immediately and modifies the earlier notification dated May 3, 2000.
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