Foreign Exchange Management Act, 1999 – Advance Remittances for Services to be Rendered

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..... thorised Dealers in Foreign Exchange Madam/Sirs, Foreign Exchange Management Act, 1999 - Advance Remittances for Services to be Rendered Attention of authorised dealers is invited to paragraph 5 of A.P. (DIR Series) Circular No.19 dated October 30, 2000 in terms of which authorised dealers are required to obtain a bank guarantee from a bank of international repute situated outside India or .....

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..... 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. The authorised dealer should also follow-up to ensure that the beneficiary of the advance remittance fulfils his obligation under the contract or agreement with the remitter in India, failing which, the amount is repatriated to .....

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