RBI says no more credit guarantees for NRIs from residents!

The Reserve Bank of India just announced that resident Indians can't give credit guarantees to non-resident Indians anymore. This means if you live in India, you can only be a surety or principal debtor if everything is above board with foreign exchange laws. But don't worry, banks have some leeway! Just remember to report everything, or you might find yourself in hot water!

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.

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