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Issue of Bank Guarantee on behalf of service importers
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....rantee on behalf of service importers Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to Regulation 4 of the Foreign Exchange Management (Guarantees) Regulations, 2000 notified vide Notification No. FEMA 8/2000-RB dated May 3, 2000, as amended from time to time. In terms of Regulation 4(3)(iv) thereof [amended vide Notification No. FEMA 151/2007-RB dated January 4, 2007....
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....dent service provider, on behalf of a resident customer who is a service importer, provided: a. the AD Category-I bank is satisfied about the bonafides of the transaction; b. the AD Category-I bank ensures submission of documentary evidence for import of services in the normal course; and c. the guarantee is to secure a direct contractual liability arising out of a contract between a resident a....