Foreign Exchange Management Act, 1999 - Advance Remittances for Import of Services

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.... September 08, 2008 To, All Category - I Authorised Dealer banks Madam / Sir, Foreign Exchange Management Act, 1999 - Advance Remittances for Import of Services Attention of all Authorized Dealer Category - I (AD Category - I) banks is invited to paragraph 3 of A. P.(DIR Series) Circular No.65 dated January 6, 2003, in terms of which AD Category - I banks are required to obtain....

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....USD 500,000 or its equivalent, a guarantee from a bank of international repute situated outside India, or a guarantee from an AD Category - I bank in India, if such a guarantee is issued against the counter-guarantee of a bank of international repute situated outside India, should be obtained from the overseas beneficiary. 4. AD Category - I banks should also follow-up to ensure that the benefi....