Finance
Mr. BillionhairRBI Shuts Down Credit Guarantees for NRIs - Big News!
Folks, let me tell you, the RBI just made a HUGE decision! No more credit guarantees from our fantastic resident Indians to those NRIs. It’s a smart move, folks, very smart! Surety? You can still do that if it’s legit. But if you’re a non-resident, you better follow the rules! Reporting? That’s all on you! Tremendous regulations, folks!
few days ago | Anjali Kumari
Quick rundown
1.RBI prohibits credit guarantees for NRIs by resident Indians.
2.Resident Indians can be surety only if transactions are legally permitted.
3.Authorized dealer banks have specific exceptions under new rules.
4.Quarterly reporting to banks is mandatory for guarantee transactions.
5.Late reporting incurs fees based on delay and amount involved.
