Non-resident guarantee for non-fund based facilities entered between two resident entities

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..... thorised Dealer Category - I (AD Category - I) banks is invited to A. P. (DIR Series) Circular No. 20 dated August 29, 2012 in terms of which non-resident guarantee for non-funded facilities such as Letters of Credit/guarantees/Letters of Undertaking (LoU) /Letter of Comfort (LoC) entered between two persons resident in India is allowed under the general permission route. 2. It is clarified t .....

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..... and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law. Yours faithfully B. P. Kanungo Principal Chief General Manager - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.co .....

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