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

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..... 99 - 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 a guarantee from a bank of international repute situated outside India or a guarantee from an AD Category - I bank in India, .....

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..... 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 beneficiary of the advance remittance fulfils his obligation under the contract or agreement with the remitter in India, failing which, the amount s .....

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