Section 5(ii) in The Foreign Exchange Management (Guarantees) Regulations, 2000
(ii)[ a person resident in India being an exporter company may give guarantee in lieu of Bid Bond Guarantee, for bidding for a contract outside India without the approval of the Approving Authority provided that the amount of such guarantee shall not exceed 5% of the contract value.] [ Inserted by G.S.R. 575(E), dated 18.3.2002 (w.e.f. 19.8.2002).]
