Reserve Bank of India

07.07.2016

Banking

Reporting of Bank Guarantee on behalf of service importers discontinued

MANU/APDR/0046/2016

The Reserve Bank of India announced the discontinuation of submission of reports on guarantees issued by banks in favour of non-residents service providers.

The move is seen as reducing another compliance burden. However, Authorised Dealer Category-I banks are advised to continue to maintain such records as the same can be called by RBI.

Tags : rbi bank guarantee service importer reporting requirement

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