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Date: 26-09-2000
Notification No: FEMA Notification No 29/2000
Issuing Authority: RBI  
Type: Notification
File No:
Subject: FEMA NotificationsPayment to a person resident outside India on invocation of guarantee
FEMA NotificationsPayment to a person resident outside India on invocation of guarantee

In pursuance of the provisions of Section 3 of the Foreign Exchange Management Act, 1999 (42 of 1999), and in partial modification of its Notification No. FEMA/ 16/RB-2000 dated 3rd May 2000, (hereinafter referred to as �the said Notification�), the Reserve Bank hereby directs that the said Notification shall with immediate effect be amended as under, namely: -

After paragraph (2) of the said Notification, the following paragraph shall be added, namely: -

(2A)  a person resident in India being the principal debtor, to make payment to a person resident outside India being a guarantor, such payment being by way of reimbursement of the payment made to the resident creditor by the non-resident guarantor under the guarantee furnished by him on behalf of the principal debtor:

Provided that the amount payable by way of reimbursement by the resident principal debtor shall not exceed the rupee equivalent of the amount paid by the non-resident guarantor under the guarantee:

Provided further that where the payment of the amount is made by the guarantor out of funds held in NRNR/ NRO/ NRSR account/ s maintained with an authorised dealer in India, the amount paid by way of reimbursement shall not be remitted outside India or credited to NRE/ FCNR account of the non-resident.�

       

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