External Commercial Borrowings Policy - Liberalisation - Issue of Guarantee for operating lease

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..... nal Commercial Borrowings Policy - Liberalisation Issue of Guarantee for operating lease Attention of Authorized Dealer Category - I (AD Category -I) banks is invited to A. P. (DIR Series) Circular No. 24 dated March 1, 2002 , in terms of which AD Category - I banks have been permitted to allow payment of lease rentals, opening of letters of credit towards security deposit, etc. in respect o .....

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..... FEMA), 1999 angle for issue of corporate guarantee in favour of the overseas lessee, for operating lease in respect of import of aircraft / aircraft engine / helicopter. 3. The 'no objection' to the Indian importer for issue of corporate guarantee under FEMA, 1999 may be conveyed after obtaining - (i) Board Resolution for issue of corporate guarantee from the company issuing such guarantee .....

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..... r validating any irregularities, contravention or other lapses, if any, under the provisions of FEMA or any other laws or regulations. 5. This shall come into force with immediate effect and will be subject to review from time to time. 6. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers concerned. 7.Necessary amendment to the No .....

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