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Bank guarantees

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(Querist)
20 November 2015 what is bank guarantee? how it can be verified during concurrent audit? how to calculate interest?
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Puneet

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Puneet (Expert)
25 November 2015 Dear Guruprasad,
Bank Guarantee is basically a letter issued by bank on request and by paying appropriate commission to bank.

Bank guarantee are of 2 types : Financial guarantee and performance guarantee.

As part of audit procedures once can verify the bank guarantee by taking confirmation on its validity from the issuing bank.

Hope this clarifies.
Thanks,
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