Guarantees which may be given by an authorised dealer

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..... in accordance with the approval granted by the Reserve Bank for import on such terms. 2 (1A) An Authorised Dealer may give guarantee, Letter of Undertaking or Letter of Comfort in respect of any debt, obligation or other liability incurred by a person resident in India and owed to a person resident outside India (being an overseas supplier of goods, bank or a financial institution), for import of goods, as permitted under the Foreign Trade Policy announced by the Government of India from time to time and subject to such terms and conditions as may be specified by Reserve Bank from time to time. 4 [(1B) - A authorised dealer in India may give guarantee or standby Letter of Credit in respect of an obligation incurred by .....

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..... covered by a counter guarantee of a bank of international repute; and (b) the guarantee shall be valid for a tenure co-terminus with the offer period as required under the SEBI (SAST) Regulations. ] (3) An authorised dealer may, in the ordinary course of his business, give a guarantee in the following other cases, namely: (i) on behalf of his customer or branch or correspondent outside India in respect of missing or defective documents, or authenticity of signatures; (ii) in favour of organizations outside India issuing travellers cheques stocked for sale in India by the authorised dealer or by his constituents who are authorised persons. 1 (iii) in favour of foreign airline .....

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..... me to time. ] ************ Notes: 1 Inserted vide Notification No. 124/2004 dated 16/10/2004 2. Inserted vide Notification No. 129/2005 dated 20/1/2005 3. Inserted vide Notification No. 151/2007 dated 4/1/2007 4. Inserted vide Notification No. 189/2009 dated 27/2/2009 with effect from 10/11/2008 5. Inserted vide Notification No.FEMA227/2012-RB, Dated 30/03/2012 6.Substituted vide NOTIFICATION No. 259/2013-RB February 15, 2013 before it was read as, 3 (iv) in favour of an non-resident service provider, on behalf of a resident customer who is a service importer, for an amount up to USD 100,000 or its equivalent. 7. Inserted vide N otification No. FEMA. 267/RB-2013 .....

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