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Reporting of Bank Guarantee on behalf of service importers discontinued- (Reserve Bank of India) (07 Jul 2016)

MANU/APDR/0046/2016

Banking

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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