The Reserve Bank of India (RBI) on June 09, 2022 has issued a Discontinuation of Return under Foreign Exchange Management Act, 1999 , with reference to Circular No.26, dated February 18, 2022. Authorised Persons were advised about the proposed discontinuation of the return “Details of guarantee availed and invoked from non-resident entities.
In this regard, Master Direction - External Commercial Borrowings, Trade Credits and Structured Obligations dated March 26, 2019, and the Master Direction - Reporting under Foreign Exchange Management Act, 1999 dated January 01, 2016, as amended from time to time.
The directions contained in this circular have been issued under Section 10(4) and 11(2) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any, required under any other law.
It has now been decided to discontinue the above return, with effect from the quarter ending June 2022.
[RBI/2022-23/69]
