https://www.taxtmi.com/circulars?id=7866 AD Category I banks may issue guarantees in favour of non resident service providers on behalf of resident service importers up to USD 500,000, provided the bank is satisfied about the bona fides, documentary evidence for import of services is submitted in the normal course, and the guarantee secures a direct contractual liability between the resident and the non resident. Public sector entities and government departments/undertakings require prior Ministry approval for guarantees above the earlier USD 100,000 threshold; other terms of A.P. (DIR Series) Circular No. 13 remain unchanged. en-us Mon, 05 Oct 2009 00:00:00 +0530 Wed, 23 Dec 2009 13:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=7866 AD Category I banks may issue guarantees in favour of non resident service providers on behalf of resident service importers up to USD 500,000, provided the bank is satisfied about the bona fides, documentary evidence for import of services is submitted in the normal course, and the guarantee secures a direct contractual liability between the resident and the non resident. Public sector entities and government departments/undertakings require prior Ministry approval for guarantees above the earlier USD 100,000 threshold; other terms of A.P. (DIR Series) Circular No. 13 remain unchanged. Circulars Service Tax Mon, 05 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/circulars?id=7866