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Banks to issue guarantee for service importers

To further liberalise the procedure for import of services, Authorised Dealer Category-I banks are now permitted by the Reserve Bank of India to issue guarantee on behalf of their customers importing services, provided:

a. the guarantee amount does not exceed USD 100,000,

b. the AD Category-I bank is satisfied about the bonafides of the transaction.

c. the AD Category-I bank ensures submission of documentary evidence for import of services in the normal course, and

d. the guarantee is to secure a direct contractual liability arising out of a contract between a resident and a non-resident.

List of authorised dealers in foreign exchange
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