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

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..... ances 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 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 is .....

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..... rantee 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 beneficiary of the advance remittance fulfils his obligation under the contract or agreement with the remitter in India, failing which, the amount should be repatriated to India. .....

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