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BANK GUARANTEE

SRINIVAS (Asst.Manager-Indirect Taxation) (38 Points)

13 August 2009

WE ARE A 100% EOU, PLEASE ADVISE THE PROCEDURE TO TAKE BANK GUARANTEE FOR JOB WORK

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How to Apply for Bank Guarantee

Procedure for Bank Guarantees are very simple and are not governed by any particular legal regulations. However, to obtained the bank guarantee one need to have a current account in the bank. Guarantees can be issued by a bank through its authorised dealers as per notifications mentioned in the FEMA 8/2000 date 3rd May 2000. Only in case of revocation of guarantee involving US $ 5000/ or more to be reported to Reserve Bank of India along with the details of the claim received.