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The Reserve Bank of India amends the Foreign Exchange Management (Guarantees) Regulations, 2000. An authorised dealer bank permits a resident person in India to issue a corporate guarantee in favour of an overseas lessor. This guarantee covers financing imports through operating lease under specific statutory rules and policy provisions. The amendment applies with retrospective effect from April 20, 2009. No person suffers any adverse effect due to the retrospective application.
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Relative A.P. (DIR) circular: 62/20.04.2009
RESERVE BANK OF INDIA (FOREIGN EXCHANGE DEPARTMENT) CENTRAL OFFICE MUMBAI Notification No. FEMA 206 / 2010-RB. June 1, 2010 Foreign Exchange Management (Guarantees) ( Amendment) Regulations, 2010 In exercise of the powers conferred by clause (j) of sub-section (3) of Section 6, and sub section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Guarantees) Regulations, 2000 (Notification No.FEMA 8/2000-RB dated May 3, 2000), namely:-
( Salim Gangadharan ) Chief General Manager-in-charge
Foot Note: (i) It is clarified that no person will be adversely affected as a result of retrospective effect being given to these regulations. (ii) The Principal Regulations were published in the Official Gazette vide No. G.S.R. No.391 (E) dated May 5, 2000 in Part II, Section 3, Sub-Section (i) and subsequently amended vide :
Published in the Official Gazette of Government of India – Extraordinary – Part-II, Section 3, Sub-Section (i) dated 27.07.2010- G.S.R.No.634(E)
