Guarantees which may be given by Persons other than an Authorised Dealer

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....the following cases, namely: ^1[(a)(i)] a person resident in India being an exporting company may give a guarantee for performance of a project outside India, or for availing of credit facilities, whether fund-based or non-fund based, from a bank or a financial institution outside India in connection with the execution of such project : Provided that the previous approval for und....

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....usiness: Provided that the terms and conditions stipulated in Foreign Exchange Management (Transfer and Issue of Foreign Security) (Amendment) Regulations, 2004 for promoting or setting up such company or subsidiary are continued to be complied with; Provided further that the guarantee under this clause may also be given by an authorized dealer in India; (ii) An Indian P....

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....h company in connection with its obligation or liability owed to any statutory or Government authority in India. ^3[(d) a bank which is an authorised dealer may, subject to the directions issued by the Reserve Bank in this behalf, permit a person resident in India or on behalf such person to issue guarantee in favour of an overseas, lender or security trustee to secure an external commerc....

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....me to time.]     **************** NOTES:- 1. Renumbered vide Notification No. 056/2002 dated 18-03-2002, w.e.f. 18-03-2002 before it was read as, "(a)"  2. Inserted vide Notification No. 056/2002 dated 18-03-2002, w.e.f. 18-03-2002. 3. Inserted vide Notification No. 187/2009 dated 03-02-2009, w.e.f. 11-07-2008. ....