Rules/Regulations

Foreign Exchange Management (Guarantees) (Amendment) Regulations, 2007 - Amendment in Regulation 4

Notification No. GSR 196(E)[No. FEMA 151/2007-RB], dated 4-1-2007, issued by Foreign Exchange Department, RBI

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 makes the following amendments to the Foreign Exchange Management (Guarantees) Regulations, 2000 (Notification No. FEMA 8/2000-RB, dated May 3, 2000), namely:—

1. Short title and commencement

   (i)  These regulations may be called the Foreign Exchange Management (Guarantees) (Amendment) Regulations, 2007.

  (ii)  They shall come into force from November 17, 2006.^@

Amendment of the Regulations

2. In the Foreign Exchange Management (Guarantees) Regulations, 2000 (Notification No. FEMA 8/2000-RB, dated May 3, 2000), in regulation 4, in sub-regulation (3), after clause (iii), the following new clause shall be inserted, namely :—

“(iv) in favour of an non-resident service provider, on behalf of a resident customer who is a service importer, for an amount up to USD 100,000 or its equivalent.”