Trade Credits for Imports into India –Issue of Guarantees Delegation of Powers

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..... -Issue of Guarantees Delegation of Powers Attention of Authorised Dealer (AD) banks is invited to A. P. (DIR Series) Circular No. 87 dated April 17, 2004 wherein ADs have been permitted to approve trade credits for imports into India up to USD 20 million per import transaction for import of all items permissible under the EXIM Policy. However, for such trade credits the issuance of Guarante .....

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..... es issued by Reserve Bank from time to time. The period of such guarantees/LoUs/LoCs has to be co-terminus with the period of credit, reckoned from the date of shipment. 3. As regards reporting arrangements, AD banks are required to furnish data on issuance of guarantees/LoUs/LoCs by all its branches, in a consolidated statement, at quarterly intervals (format in Annex) to the Chief General Man .....

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..... prejudice to permissions / approvals, if any, required under any other law. Yours faithfully, F. R. Joseph Chief General Manager Annex to A. P. DIR Series Circular No. 24 dated November 1, 2004 Guarantees / Letter of Undertaking / Letter of Comfort issued by ADs As on quarter ended ………………. Name of the AD : Contact Person: Address : .....

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